Associated Bank completes $21.9M financing package for Wis. low-income apartment redevelopment

MILWAUKEE, November 12, 2024 - Associated Bank announced completion of a $21.9 million financing package for Gorman and Company, LLC, for the renovation of Harbor at State and Main apartments at 141 Main Street and 65 Harborview Drive in Racine, Wisconsin. Associated Bank acted as lead bank and administrative agent on a $9.15 million construction/bridge loan and led a Federal Low-Income Housing Tax Credit (LIHTC) equity investment of $11.97 million, both of which included syndications to Johnson Bank; provided a $1 million term loan and supported the $1 million Affordable Housing Program (AHP) grant via the Federal Home Loan Bank of Chicago.

Associated's investment and lending capital will support the preservation and renovation of this 84-unit apartment community in downtown Racine. Upon completion, the unit mix will consist of 32 one-bedroom/one-bath units, 35 two-bedroom/one-bath units, and 17 two-bedroom/two-bath units. All units will be reserved for senior (55+) households with incomes from 30-to 60-percent AMI. The Housing Authority of Racine County has committed 21 project-based vouchers (PBVs) to the project.

Constructed in 2006 as a LIHTC development, renovations will include parking lot and concrete repairs, landscaping upgrades, replacement of windows and exterior lighting; new flooring, siding and painting/staining; HVAC and electrical upgrades; and new common-area doors. Interior renovations will generally consist of new appliances, mechanical and electrical upgrades, and elevator repairs. The building features 84 underground parking spaces, a common area lounge/community room, fitness center and theater room. There is also a ground-level condominium with five commercial/retail/office spaces. Completion is anticipated for April 2025.

Headquartered in Wisconsin, Gorman and Company revitalizes communities through innovative housing partnerships with municipalities, governmental organizations, and nonprofits. The company specializes in downtown revitalization through collaborative urban development, dedication to the preservation of affordable, public, rural, and workforce housing, and the adaptive repurposing of historically significant properties.

Bryan Schreiter, a senior vice president with Associated Bank's Commercial Real Estate Division, originated and managed the syndication package. Stefanie Bachrach, a senior vice president with Associated Community Development (ACD), the Bank's community development corporation, managed the equity 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.

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.