CHICAGO – September 16, 2014 – Associated Bank, along with MB Financial Bank, recently closed a $44,009,753 construction loan for HRB Louisville, LLC, for student housing near the University of Louisville in Louisville, KY. Associated Bank arranged the financing and will act as administrative agent. MB Financial Bank, acting as the co-agent bank in the transaction, was allocated half of the commitment, with Associated retaining the other half.
The project is a 271-unit, 758-bed student housing facility located immediately east of the University of Louisville on Crittenden Drive and Warnock Streets. The student population living on campus has grown in recent years from 1,900 students to over 5,000 today, according to the University. More than 20 empty structures on the property have been demolished, and HRB recently began construction. The new housing units are scheduled for completion in time the 2015 fall semester.
HRB Louisville, LLC is a recently formed joint venture which includes affiliates of Royal Properties and The John Buck Company.
Senior Vice President Edward "Ted" Notz from the Commercial Real Estate division of Associated Bank in Chicago originated and managed the loan closing.
Headquartered in Chicago, Associated Bank’s Commercial Real Estate division is committed to providing its clientele of developers/owners/operators of commercial real estate with financing solutions and an array of products and services catering to the unique demands of their business. The Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio and Wisconsin.