Associated Bank Provides $6.7M in Financing for 80-Unit Affordable Housing Project in Madison
MADISON, WIS. — Associated Bank has provided two loans totaling $6.7 million for an 80-unit multifamily property in Madison. The financing consisted of an affordable housing construction loan and a Low-Income Housing Tax Credit (LIHTC) bridge loan. Maple Grove Commons, which will located at 3204-3228 Golden Copper Lane, will consist of one-, two- and three-bedroom units, 68 of which will be reserved for tenants earning below 60 percent of the median income for the county. The project, situated on 3.2 acres, will be delivered next summer. Maple Grove Housing LLC is the borrower, and McGann Construction of Madison is the general contractor. Knothe & Bruce is the design architect of record, and Oakbrook Corp. and Movin’ Out Inc. are co-developing the project. Steve Sosnowski of Associated Bank originated the loan. Associated Bank provided the majority of the loan tax credit equity through a Boston Capital syndicated fund.