Associated Bank closed a $21.9 million financing package for Gorman and Company, LLC, for the renovation of Harbor at State and Main Apartments at 141 Main St. and 65 Harborview Drive in Racine, Wisconsin.
Associated Bank acted as lead bank and administrative agent on a $9.15 million construction/bridge loan and led a federal low-income housing tax credit equity investment of $11.97 million.
Associated Bank also provided a $1 million term loan and supported the $1 million Affordable Housing Program grant from the Federal Home Loan Bank of Chicago.
Harbor at State and Main is an 84-unit apartment community in downtown Racine. Upon completion, the unit mix will consist of 32 one-bedroom-bath units, 35 two-bedroom/bath units and 17 two-bedroom/two-bath units. All units are reserved for seniors (55-plus) households with incomes from 30% to 60% AMI.
Bryan Schreiter, senior vice president with Associated Bank’s commercial real estate division, originated and managed the syndication package. Stefanie Bachrach, a senior vice president with Associated Community Development, managed the equity closing.
