MINNEAPOLIS – October 27, 2020 – Associated Bank announced the completion of a $29,000,000 construction loan to United Properties for the development of a 133-unit senior living community. The project is located at the southwest quadrant of the I-494 and Normandale Boulevard intersection in the Normandale Lakes Business Park in Bloomington, Minnesota.
ThePOINTE Bloomington, a 55+ independent living rental community, is the second of a two-phase redevelopment on a 7.5-acre site. Phase I, currently under construction, is the 118-unit Cherrywood Pointe community with health services that include assisted living, enhanced care and memory care. The newer phase will be a five-story building consisting of one-bedroom, one-bedroom plus den, two-bedroom, two-bedroom plus den and three-bedroom apartments. Units will feature high-end finishes with quartz countertops, stainless steel appliances, kitchen islands, a deck or patio, in-unit washer/dryer and walk-in closets. Underground parking will also be available.
Lifestyle amenities will include a pickleball court, patios with grilling stations, outdoor pool, clubhouse with kitchen, community room with kitchen, fitness center with yoga room, kids’ playroom, craft room, business center and a rooftop deck with a sky-lounge. Residents will also enjoy planned daily events and activities. The location provides excellent access to the freeway system, shopping and dining options.
Founded in 1916, United Properties is an investor and developer of office, industrial, retail, mixed-use and senior-housing properties. Their focus on sustainability, energy reduction and green real estate development are important ways they address their goal of having a positive impact on the natural environment, economy, health and productivity of the communities where their projects are located.
Jim Vitt, market manager for Associated Bank’s Minnesota commercial real estate division, handled the closing.
Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.
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ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $36 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 240 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.