Associated Bank completed $4.7 million in new-construction financing and the placement of $6.2 million in low-income-housing tax-credit equity for Point Place Senior Apartments at 7945 Tree Lane in Madison, Wisconsin.
The new building will be located on a 1.3-acre site about six miles from downtown Madison. CommonBond Communities will develop and manage the building and provide supportive services to residents. RBC Capital Markets – Tax Credit Equity Group is the tax credit syndicator for the project.
The four-story elevator building will include 54 units restricted to senior households 55 and older. Point Place will offer 42 one-bedroom, 650-square-foot units and nine two-bedroom 950-square-foot units for senior housholds earning 30 percent, 50 percent or 60 percent of the area median income. The building will also offer three market-rate one-bedroom units.
Bryan Schreiter, a vice president with Associated Bank’s commercial real estate division, handled the loan arrangements and closing. Teresa Rubio, senior vice president for the bank’s associated community development department, managed the equity investment.