Associated Bank closed a financing package of more than $145 million for the Ryan Companies US, Inc. for the construction of a three-story, single-tenant Class-A office and laboratory building in Maple Grove, Minnesota.
The syndicated deal included a total of four lenders. Associated Bank acted as joint lead arranger and administrative agent, holding $50 million of the total financing package. The other three participants are First National Bank of Omaha, Alerus Financial and Johnson Bank.
The new build-to-suit facility will be constructed on a roughly 38-acre parcel within the Arbor Lakes neighborhood of Maple Grove. Upon completion, the 400,000-square-foot building will include aboutt 320,000 square feet of office and 80,000 square feett of laboratory space. Employee amenities will include a conference center, credit union, cafeteria, coffee shop, fitness center, bike room, e-Bar, game room and greenspace.
Construction has begun and is expected to be completed in late 2025.
Steve Clifford, a senior vice president with Associated Bank’s commercial real estate division, handled the loan arrangements and closing.
