CHICAGO – March 17, 2016 – Associated Bank has finalized a $9,000,000 term loan for Zeman Homes to acquire three manufactured housing communities in the Ann Arbor, Mich. area. The three properties are: Wagon Wheel at 51000 Mott Rd. in Canton, Wagon Wheel South at 51000 Michigan Ave. in Belleville and Carleton Mobile Home Park at 12500 Jones St. in Carleton.

The two Wagon Wheel communities are near Willow Run Airport and total 377 sites. The properties were built in the 1970s and contain a mix of single- and double-wide manufactured homes. The Carleton Manufactured Housing Park, with 228 sites that also include both single- and double-wide homes, is located near I-275 in Carleton, Michigan, 15 miles south of the Detroit–Wayne County Metropolitan Airport. 

Zeman Homes and Neighborhoods is one of the largest owners of manufactured housing communities in the United States. Zeman currently owns and manages 35 manufactured home Illinois, Indiana, Michigan, Florida, Arizona and California totaling more than 10,000 home sites.

The multi-property structure of the loan gives Zeman Homes maximum flexibility and capacity to acquire additional properties within the same financing package. Jerry Rotunno, senior vice president with Associated Bank’s Commercial Real Estate division, originated and managed the loan closing.

Headquartered in Chicago, 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. Associated’s Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio and Wisconsin.