CHICAGO – February 21, 2018 – Associated Bank announces the completion of a $34.2 million syndicated construction loan for a 165-unit, age-restricted apartment building at 5220 Eden Avenue in Edina, Minnesota. As lead arranger and administrative agent for the syndicated loan, Associated Bank is holding $19.2 million of the loan with $15 million syndicated to Great Southern Bank.
High Street Residential, the residential subsidiary of Trammell Crow Company, is developing the project. The six-story building will include a mix of one- and two-bedroom units with an average unit size of approximately 900 square feet. The project also includes a 212-space parking garage. The site formerly held buildings and parking space that supported school bus maintenance and storage for Edina Public Schools. Units will be available for rent by the spring of 2019.
Senior Vice President Edward (Ted) Notz of the Commercial Real Estate division of Associated Bank managed the loan and closing.
Headquartered in Chicago, 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. Associated’s Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $33 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 over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.