Associated Bank announced completion of a $59.85 million financing package for Three Leaf Partners and Continental Properties for the development of Westrock Residences, a 267-unit housing development at 700 W. Capital Drive in Hartland, Wisconsin.
Associated Bank as administrative agent and co-lead arranger was joined by Johnson Bank and Greenwoods State Bank to complete the construction loan syndication.
The Village of Hartland is supporting the project with a TIF that will reimburse the developer up to $15.9 million over 27 years. The project is expected to produce about $54 million in incremental value, according to the village.
Plans for Westrock Residences call for 27 townhouse-style units and 240 units in two-story stacked flats. There will be a mix of one-, two- and three-bedroom floor plans. Amenities will include a fitness center, golf simulator, pool, playgrounds, more than two miles of walking paths and a dog run.
The project is expected to be completed in phases with the first units available for occupancy in summer of 2025.
Ryan Krombach, senior vice president with Associated Bank’s commercial real estate division, originated and managed the loan.
