HOUSTON – October 6, 2020 – Associated Bank announced the completion of a $34,300,000 construction loan for Dominium Management Services, LLC, for the rehabilitation of the Pinewood Apartments, 5900 Greens Road in Houston, Texas.
Built in 2001, Pinewood Apartments is an existing affordable-apartment project acquired by Dominium in early 2020. Dominium will extensively rehab the property at a cost of approximately $6,580,000 in conjunction with the re-syndication of tax credits. With a new 15-year compliance period, the rehabilitation effort preserves all of the original 240 affordable-housing units with rents that will not exceed 60 percent of the area median income (AMI).
The renovation will consist of accessibility improvements and physical upgrades to individual units including new lighting, appliances and countertops, and the addition of washers and dryers. Common area improvements planned are renovation of the clubhouse and new landscaping, in addition to several new outdoor amenities: dog park, pavilion, horseshoe pits and grilling area. Completion is slated for the second quarter of 2021.
Headquartered in Plymouth, Minnesota, Dominium Management Services is the 4th largest provider of affordable housing in the nation. The company, founded over 45 years ago, manages and/or owns more than 30,000 apartments in 21 states.
“Associated Bank is pleased to partner with Dominium as they work to consistently deliver housing affordability in the communities in which they own or manage properties,” said Randy Stille, a senior vice president in the Commercial Real Estate division of Associated Bank, who managed the loan and closing. Merchants Capital arranged the Freddie Mac permanent financing commitment while Stratford Capital was the equity syndicator.
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.