CHICAGO – June 19, 2020 – Associated Bank completed a $11.6 million loan for Penfield Farms, LLC for the acquisition and repositioning of a 402-homesite manufactured housing community. Located at 702 Linden Avenue in Rochester, New York, Penfield Farms is owned by a private real estate equity fund managed by Chicago-based Green Courte Real Estate Partners.
Green Courte Real Estate Partners was founded in 2004 and since then has raised over $1.8 billion of capital across five private real estate equity funds, focusing on value-add investment opportunities in manufactured housing and near-airport parking. Their in-house operating platforms included (since sold) American Land Lease, which grew to include 59 manufactured housing communities (19,000 home sites), and currently includes The Parking Spot, which owns/operates 39 near-airport parking facilities (67,000 stalls) at 22 major U.S. airports. The firm is also active in active adult and independent senior housing.
Senior Vice President Edward "Ted" Notz of the Commercial Real Estate division of Associated Bank 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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ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $34 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 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.