ROCHESTER, Minn. – May 15, 2019 – Acquisition and rehabilitation of The Hylands II, an existing apartment complex in Rochester, Minnesota, will begin this month following the closing of a $6.2-million-construction loan and placement of $4.4 million in low-income-housing tax-credit equity from Associated Bank. CREA, LLC is the syndicator for the project, located at 2800 Charles Court NW in Rochester, and the Minnesota Housing Finance Agency issued the tax credits. The renovation will be done by Titan Development and Investments, Inc.
Built in 1980, The Hylands II is located 10 minutes from downtown Rochester, which is approximately 1.5 hours southeast of the Minneapolis/St. Paul metropolitan area. The project consists of 100 apartment units in 16 townhouse and flat buildings. There are six one-bedroom, 62 two-bedroom and 32 three-bedroom units. Five units will be designated for tenants with disabilities and five others will be designated as Long-Term Homeless units. Of the project’s 100 units, 100 percent are tax-credit units; 95 will be set aside for tenants at 60 percent of Area Median Income (“AMI”) and five will be designated for tenants at 30 percent of AMI.
Improvements to all units will include new energy-efficient appliances, cabinets, countertops, vanities, flooring and HVAC. In addition to new signage, project-wide improvements will include replacing siding, windows, doors and mailboxes; repaving parking lots and sidewalks; and the addition of a basketball court and playground.
With a legacy of three generations of entrepreneurs and developers and decades of experience, Titan Development & Investments focuses on the development of affordable housing, senior living communities, market rate housing, Class A office properties and industrial projects throughout the country. CREA, LLC is a national syndicator dedicated to providing the highest quality investment banking solutions in the LIHTC industry. CREA has invested $5.2 billion in over 500 LIHTC developments, creating over 46,000 affordable homes for low-income families and individuals.
Steve Clifford, a senior vice president with Associated Bank’s Commercial Real Estate, handled the loan arrangements and closing, and Teresa Rubio, senior vice president for the bank’s Associated Community Development, managed the equity investment.
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 nearly $34 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 230 banking locations serving more than 110 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.