Associated Bank, Old National Bank Provide $65M in Construction Financing for Apartment Complex in Minnesota

BLOOMINGTON, MINN. — Associated Bank and Old National Bank have provided $65 million in construction financing for Carbon 31, a 403-unit apartment complex in the Minneapolis suburb of Bloomington. The project will also include a 14,500-square-foot retail space to be occupied by Oxendale’s Market. Of the 403 units, 36 will be designated for renters earning up to 60 percent of the area median income. Completion is slated for January 2024. Each bank provided 50 percent of the total financing. Randy Stille of Associated Bank managed the loan and closing. The borrower was McGough Development.