MADISON, WIS. — Associated Bank has structured $14.1 million in construction financing for The Shield Apartments, a 44-unit affordable housing development in Madison. The financing includes a $6.9 million construction loan and $7.2 million in Low-Income Housing Tax Credit equity. The Salvation Army is the developer. The project will include 16 studio and 28 one-bedroom units for residents earning 30 to 60 percent of the area median income. Twenty-two of the units will be set aside for survivors of domestic violence and 11 will be designated for persons prone to homelessness. Amenities will include an onsite leasing office, community room and offices for supportive services.
The project is part of the Salvation Army’s goal of transforming its existing Madison building from a standalone shelter for women and families into a multi-building campus that offers affordable housing and community support services. Teresa Rubio and Stefanie Bachrach of Associated Community Development LLC managed the loan and equity closings.