MT. HOREB, WIS. — Associated Bank has provided a $16.9 million financing package for the development of Landsby Ridge, a 51-unit affordable housing community at 400 W. Garfield St. in Mt. Horeb, about 20 miles southwest of Madison. Gorman and Co. LLC and Impact Seven are the developers. Landsby Ridge will include 46 units for residents who earn 30 to 60 percent of the area median income (AMI) along with five units that will be rented at market rates. Lutheran Social Services and Impact Seven will provide supportive services for 11 units that will be reserved at the 30 percent AMI threshold.
In addition to co-developer, Gorman and Co. will serve as general contractor and property manager. Construction is underway, and completion is scheduled for the third quarter of 2022.
Associated Bank provided a total of $9.2 million in loan proceeds, and Associated Community Development provided federal low-income housing tax credit equity of $7 million. Associated Bank also sponsored a $690,000 affordable housing project grant from the Federal Home Loan Bank of Chicago. Royal Bank of Canada is the tax credit syndicator. Bryan Schreiter of Associated Bank’s commercial real estate group managed the loan closings. Stefanie Bachrach of Associated Community Development managed the equity investment.