Associated Bank completes $55M construction financing package for Minnetonka, Minn. apartments

MINNETONKA, MINN - September 27, 2024 -Associated Bank announced completion of a $55 million financing package for Greystar for construction of a 269-unit apartment building at 10702 Red Circle Drive in Minnetonka, Minnesota. Associated Bank is the Lead Arranger and Administrative Agent.

The project, Marlowe Opus Station, will include in-unit Wi-Fi, stainless steel appliances, quartz kitchen countertops, luxury vinyl plank flooring and tile showers. Common amenities will include a pool, courtyard, fitness room, clubroom, sauna, pet wash, private work-from-home offices, bike storage, structured parking, EV charging stations and storage units. Demolition is currently underway on the vacant office building on the site. Occupancy is anticipated by fall of 2026.

The project is in the 550-acre Opus 2 Parkway, a mixture of office, industrial, commercial and residential uses located northeast of State Highway 169's intersection with State Highway 62. The apartment site provides convenient access to a more than six-mile trail system, a lake and walkable paths to retail, a private school, parks and various area employers.

With over $78 billion of assets under management across 250 markets globally, and management of more than 3,600 communities and 997,000 units, Greystar has been ranked by the National Multifamily Housing Council (NMHC) as the number one apartment manager, number one owner and number one developer in the country, and the third largest builder the country.

Edward (Ted) Notz, a senior vice president with Associated Bank's Commercial Real Estate Division, originated the loan.

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.

# # #

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $42 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 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.