MADISON, Wis. – February 1, 2017 – Associated Bank announced the completion of $10 million in loan and equity dollars for Beacon Avenue Cottages, 40 affordable housing units in five cottage-style buildings at 580 Freemont Street in New London, Wis., approximately 25 miles northeast of Appleton.
Beacon Avenue Cottages will have 16 two-bedroom and 24 three-bedroom apartments, each with its own private entrance and attached garage. Future tenants will also enjoy a clubhouse with community room, fitness center and a common laundry room. The project will take 12 months to complete, and full occupancy is projected for spring of 2018.
Commonwealth Development Corporation will build the high quality, affordable housing project, which will be targeted to moderate-income borrowers. Associated Bank will provide a $4.7 million construction loan, $4.9 million equity in low-income housing tax credit (LIHTC) equity, and will pass through a $510,000 Affordable Housing Program (AHP) grant, for a total of $10 million.
Wisconsin-based Commonwealth Development Corporation brings extensive knowledge of unique and sophisticated financial structures that facilitate the development of affordable housing, superior and cost-efficient construction processes, and state-of-the-art property operations to the development of residential projects.
Bryan Schreiter, vice president in Associated’s Madison office, originated the loan, and Michael McGovern, vice president in Associated’s Chicago office, managed the equity investment through a National Equity Fund proprietary fund and administered the AHP Grant.
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.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $29 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
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