Associated Bank has completed a $16.9 million financing package for Gorman and Company, LLC and Impact Seven for the construction of Landsby Ridge, a 51-unit multifamily housing project at 400 W. Garfield St. in downtown Mt. Horeb, Wisconsin.
Associated Bank provided more than $9.2 million in loan proceeds and Associated Community Development provided Federal Low Income Tax Credit equity of more than $7.029 million. Associated Bank also sponsored a $690,000 Affordable Housing Project grant from the Federal Home Loan Bank of Chicago.
Construction of the development is now underway with completion expected in the third quarter of 2022.
The project will include 46 units affordable by families earning 30 percent to 60 percent of the Area Median Income and five units that will be rented at market rates. The unit mix will include one-, two- and three-bedroom units. A total of 11 apartments will be supportive housing units at 30 percent AMI, making them affordable to very low-income families.
Gorman and Company is the co-developer, general contractor and property manager. Impact Seven is a Community Development Financial Institution specializing in the development of affordable and workforce housing.
Bryan Schreiter, a vice president with Associated Bank’s Commercial Real Estate Group, managed the loan closings. Stefanie Bachrach, vice president with Associated Community Development, the bank’s community development corporation, managed the equity investment.