Associated Bank closed the financing for a $65 million loan to McGough Development for construction of Carbon 31, a mixed-use, luxury apartment building that will bring 403 residential units together with a ground-floor market offering both groceries and spirits in Bloomington, Minnesota.
The project is located at 8100 31st Ave. South in Bloomington. Associated Bank partnered with Old National Bank, with both banks providing 50 percent of the construction financing. Associated Bank will be the administrative agent.
Nine percent (36) of the 403 units will be affordable to tenants qualifying up to 60-percent AMI. The 14,500-square-foot ground-floor retail space will be occupied by Oxendale’s Market. The building will have easy access by light rail to the Mall of America and the Minneapolis/St. Paul airport. Carbon 31 is slated for completion by January 2024.
The Carbon 31 site is within the Bloomington Central Station Master Plan. Its construction is yet another step in the continuing development of the city’s South Loop district and builds upon the district’s unique mix of assets, transforms its density and character from suburban to urban, accelerates development, and establishes the district’s brand by emphasizing sustainability, quality, comfort and safety.
