MINNEAPOLIS – June 21, 2022 – Associated Bank announced completion of financing for a $65,000,000 loan to McGough Development for construction of Carbon 31, a mixed-use, luxury apartment building that will bring 403 residential units together with a ground-floor market offering both groceries and spirits. The project is located at 8100 31st Avenue South in Bloomington, Minnesota. Associated Bank partnered with Old National Bank, with both banks providing 50 percent of the construction financing. Associated Bank will be the administrative agent.


Nine percent (36) of the 403 units will be affordable to tenants qualifying up to 60-percent AMI. The 14,500 square-foot ground-floor retail space will be occupied by Oxendale’s Market. The building will have easy access by light rail to the Mall of America and the Minneapolis/St. Paul airport. Carbon 31 is slated for completion by January 2024.


The Carbon 31 site is within the Bloomington Central Station Master Plan. Its construction is yet another step in the continuing development of the city’s South Loop district and builds upon the district’s unique mix of assets, transforms its density and character from suburban to urban, accelerates development, and establishes the district’s brand by emphasizing sustainability, quality, comfort and safety.


Based in Minneapolis, Minnesota, McGough is a multi-market developer, general contractor, and a construction and facilities management firm offering full-service real estate capability.


“Associated Bank is pleased to partner with McGough in delivering construction financing for their latest signature development, Carbon 31. The project will be an outstanding addition to the Bloomington Central Station neighborhood,” said Randy Stille.  A senior vice president with Associated Bank’s Commercial Real Estate division, Stille managed the loan and closing.


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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Associated Banc-Corp (NYSE: ASB) has total assets of $35 billion and is Wisconsin’s largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 220 banking locations serving more than 120 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.