Associated Bank completed a $55 million financing package for Graystar for construction of a 269-unit apartment building at 10702 Red Circle Drive in Minnetonka, Minnesota.
Associated Bank is the lead arranger and administrative agent.
The project, Marlowe Opus Station, will include in-unit WiFi, stainless-steel appliances, quartz kitchen countertops, vinyl plank flooring and tile showers. Common-area amenities will include a pool, courtyard, fitness rooms, clubroom, sauna, pet wash, private work-from-home offices, bike storage, EV charging stations and storage units.
Demolition is underway on the vacant office building on the site. Occupancy is expected by the fall of 2026.
The project is in the 550-acre Opus 2 Parkway, a mixture of office, industrial, commercial and residential uses located northeast of State Highway 69’s intersection with State Highway 62.
Edward Notz, a senior vice president with Associated Bank’s commercial real estate division, originated the loan.
