Associated Bank closed a $6.9 million construction loan and $7.2 million in Low-Income Housing Tax Credit (LIHTC) equity for The Shield Apartments, a 44-unit affordable multifamily project developed by The Salvation Army, Central Territory in Madison, Wisconsin.
The new apartment communty will be located at 22 N. Blount St. half a mile from the state Wisconsin State Capitol.
The project will include 16 studio and 28 one-bedroom units affordable by tenants earning 30% to 60% of area median income. A total of 22 units will be set aside for the survivors of domestic violence and 11 will be designated for people prone to homelessness.
Apartments will include major kitchen appliances, an in-unit washer/dryer and central air conditioning. Common amenities will include a controlled entry, onsite leasing and management office, offices for supportive services and a community room. Parking will feature 32 underground stalls and 18 space in an outdoor lot.
The Shield is part of the Salvation Army, Central Territory’s goal of transforming its existing Madison building from a stand-alone drop-in shelter for women and families into a larger multi-building campus that includes affordable housing and community support services.
Teresa Rubio and Stefanie Bachrach of Associated Community Development, LLC, the bank’s community development corporation, managed the loan and equity closings.
