MADISON, WIS. – June 11, 2019 – Associated Bank has completed $4.7 million in new construction financing and placement of $6.2 million in low-income-housing tax-credit equity for Point Place Senior Apartments, 7945 Tree Lane in Madison, Wisconsin. The new building will be located on a 1.3-acre site approximately six miles from downtown Madison and the University of Wisconsin-Madison in an area of mixed commercial, retail and residential buildings. CommonBond Communities will develop and manage the building and provide supportive services to residents. RBC Capital Markets – Tax Credit Equity Group is the tax credit syndicator for the project.
The four-story elevator building will contain 54 units restricted to senior households ages 55 and older. Point Place will offer 42 one-bedroom, 650 square-foot units and 9 two-bedroom, 950 square-foot units for senior households earning 30, 50 or 60 percent of area median income (AMI). In addition, the new building will offer three market-rate 1-bedroom units. Of these units, 11 will be designated supportive-housing for special-need homeless seniors with a priority on veterans. Special needs will range from permanent developmental, physical, sensory, medical or mental health disabilities to a combination of impairments that make seniors or vets eligible for long-term care services.
Unit amenities will include an Energy Star refrigerator, dishwasher, range, microwave, central air conditioning and ceiling fans. There will also be energy-efficient lighting and controlled-access entry, including an intercom. The project will begin this month with completion estimated for May 2020.
Formed in 1971, CommonBond Communities has become one the most effective affordable housing providers in the upper Midwest, with properties across Minnesota, Iowa and Wisconsin, with a focus on providing naturally occurring affordable housing (NOAH), and negotiating real estate transactions for affordable housing including new construction and acquisitions. Since its inception, RBC Capital Markets Tax Credit Equity Group (TCEG) has raised over $10 billion of equity for affordable multi-family and senior housing, historic and new markets developments, and has 961 assets located in 47 states, the District of Columbia and Puerto Rico representing over 84,000 affordable homes.
Bryan Schreiter, a vice president with Associated Bank’s Commercial Real Estate, handled the loan arrangements and closing, and Teresa Rubio, senior vice president
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.