MINNEAPOLIS – August 19, 2020 – Associated Bank recently completed a $9,641,000 loan for Mortenson Development, Inc. / Seavest Healthcare Properties, LLC, for construction of a Class A medical office building. The 42,425-square-foot Candelas Medical Office Building will be located at the intersection of West 91st Place and Candelas Parkway in Arvada, Colorado.


This is Associated Bank’s first transaction for a Mortenson and Seavest joint venture. Mortenson is a privately held Minnesota-based organization providing fully integrated development services to clients nationwide. Seavest is a sector-focused institutional healthcare real estate investment manager.


“We are pleased to partner with Mortenson and Seavest and to make it possible for them to develop a quality healthcare facility for the Arvada community,” said Senior Vice President Randy Stille of the Commercial Real Estate division of Associated Bank who 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 $36 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.