ST. LOUIS – December 20, 2019 – Associated Bank provided $7.5 million of Low Income Housing Tax Credit (LIHTC) equity for the rehabilitation of the former Granite City, Illinois YMCA into Edison Avenue Lofts. Only 15 miles east of downtown St. Louis, the mixed-use building is located at 2001 Edison Avenue, across the street from the City Hall in Granite City. Rise Community Development is the developer, and Boston Capital is the tax credit syndicator for the project.
Built in 1924 and vacated in 2004 when the YMCA moved to new quarters, the building will be converted into 37 apartments and 5,000 square feet of plaza-level commercial space. Unit mix for the residential portion will include 25 one-bedroom units and 12 two-bedroom units. Building accessibility for the Edison Avenue project will address not only financial accessibility, but also accessibility for people with disabilities. Four of the 37 units will be fully ADA compliant, and all units will be accessible for visits by people with disabilities. The units will be affordably priced for households earning 30 to 60 percent of the area median income.
Unit amenities will include central air conditioning, dishwasher, range, refrigerator, microwave and ceiling fan. Community amenities will include controlled entry through a fob/cell phone intercom system, a community room, fitness center, computer room, laundry rooms, elevator, art studios/gallery, music studio and a leasing office.
Rise is a nonprofit organization that partners with communities to build stronger, more equitable St. Louis-area neighborhoods. Rise develops both affordable and market-rate housing, particularly in neighborhoods with the potential to enhance economic diversity. They have developed or assisted in over $721 million in neighborhood redevelopment in the St. Louis area.
Teresa Rubio, senior vice president for the bank’s Associated Community Development (ACD) group, managed the equity investment. This is ACD’s first equity investment in the metro east region of St. Louis.
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 $33 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 120communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.