Associated Bank recently provided debt financing and an equity investment for the historic renovation of two adjoining vacant office buildings located at 911 and 915 Broadway in the Historic Garment District of Kansas City, Montana.
Previously known as the McCarren Millinery and the Hershberger & Rosenthal buildings, the renovation will create 44 apartments with modern conveniences and amenities featuring condominium-quality finishes.
Yarco Development / 915 Broadway LLC, will maintain the historic brick façade and windows of the original buildings, which are listed on the National Register of Historic Places by the National Park Service. The new residential units are slated for completion in the summer of 2017.
Associated Bank is providing both debt and equity solutions for the project: a $4.67 million construction and mini-perm loan and an equity investment of $1.6 million.
Senior Vice President Nancy Pozo of the Commercial Real Estate division of Associated Bank managed the loan and closing, and Senior Vice President Michael McGovern arranged the equity investment through Associated Community Development, the bank’s community development arm.