Associated Bank Provides Construction Financing for Three Affordable Housing Projects in Wisconsin
MILWAUKEE — Associated Bank has provided $20.6 million in total equity and $11.5 million in construction and bridge financing for the development of three affordable housing projects in Wisconsin spanning 130 units.
Built in 1912, the former Washington School in Sheboygan, Wis., is on the National Register of Historic Places. The building will be converted into a two-story apartment community with 42 units known as Washington School Apartments. A three-story historic school building located at 2779 N. 5th St. in Milwaukee will be transformed into Fifth Street Senior Apartments. The property will include 48 units for seniors age 55 and above. Washington Park Townhomes will involve the new construction of 40 two-story, townhouse-style apartments in Milwaukee.
Bryan Schreiter of Associated Bank originated the loans on behalf of the borrower, Gorman & Co. Inc. The developments used Low Income Housing Tax Credit (LIHTC) equity as part of the financing package, requiring that apartments be available at below-market rents for people earning no more than 60 percent of the area median income. Two of the projects are historic building renovations that qualified for federal and state historic preservation tax credits to cover rehabilitation costs. Associated Bank partnered with Boston Capital to provide the equity investments.