CHICAGO – April 4, 2023 – Associated Bank announced the closing of a bridge loan to Green Courte Partners for the expansion of Penfield Farms, a manufactured housing community located at 600 Linden Avenue in Rochester, New York.
The project expands the existing 375-home community through the acquisition of two neighboring manufactured housing communities: East Avenue and Forest Lawn. This increases the Penfield Farms community by 341 homes sites, for a total of 716 sites. The combined properties enable Green Courte to not only consolidate operations but also invest in capital improvements that will enhance community infrastructure and amenities.
Through its real estate funds, Chicago-based Green Courte Partners is assembling a portfolio of manufactured housing communities, which today includes 23 properties across the United States under its Windward Communities brand. The company also owns/operates The Parking Spot, the preeminent near-airport parking company in North America. The firm is also assembling active-adult and independent-living senior housing communities.
Edward “Ted’ Notz, a senior vice president with Associated Bank’s Commercial Real Estate Division, handled the loan arrangements and closing. This is the second expansion of Penfield Farms facilitated by a loan from Associated Bank.
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 $39 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, 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.