CHICAGO – February 14, 2024 – Associated Bank recently announced a full financing solution totaling $14,300,000 for construction of Bay City Lofts, an affordable housing development in Green Bay, Wisconsin. The financing package included a $6,250,000 construction/bridge loan and $8,044,715 of Low Income Housing Tax Credit (LIHTC) equity. The bank also sponsored a $600,000 Affordable Housing Project (AHP) grant from the Federal Home Loan Bank of Chicago (FHL Bank Chicago). Capital partners included Federal LIHTC syndicator CREA, permanent lender IFF, and the City of Green Bay.

Located at 2510 University Avenue in Green Bay, Bay City Lofts is a joint project of Gorman & Company, LLC and Lutheran Social Services of Wisconsin and Upper Michigan. The project will feature 48 units in a four-story building, of which 40 units will be affordable for families earning 30 to 60 percent of Area Median Income (AMI). Eight units will be available at market rates that will benefit from a project-based Section 8 contract. The unit mix will include one, two and three bedrooms. Supportive services will be provided by Lutheran Social Services. Construction is now underway with completion projected for late 2024.

Based in Wisconsin with offices in Phoenix, Miami, Denver and Chicago, Gorman and Company specializes in downtown revitalization, the preservation of affordable housing, workforce housing and the adaptive reuse of significant historic buildings. Gorman and Company will serve as the co-developer, general contractor and property manager on the project. With roots dating over 100 years, Lutheran Social Services of WI and Upper MI (LSS) specializes in programming and housing that help people overcome addiction, enjoy safe and sustainable homes, and empower independent living. 

Bryan Schreiter, a senior vice president with Associated Bank’s Commercial Real Estate Division, managed the loan closing. Stefanie Bachrach, a vice president with Associated Community Development, LLC, the bank’s community development corporation, managed the equity investment 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 $41 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 nearly 200 banking locations serving over 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