Associated Bank has successfully secured a financing package worth $21.9 million for Gorman and Company, LLC. This funding will be used for the renovation of Harbor at State and Main apartments located at 141 Main Street and 65 Harborview Drive in Racine, Wisconsin.
The syndication package was originated and managed by Bryan Schreite, Senior Vice President of Associated Bank’s Commercial Real Estate Division. The equity closing was overseen by Stefanie Bachrach, Senior Vice President of Associated Community Development.
In this project, Associated Bank acted as the lead bank and administrative agent on a construction/bridge loan amounting to $9.15 million. They also led an investment of $11.97 million in Federal Low-Income Housing Tax Credits through syndications to Johnson Bank; provided a term loan worth $1 million; and supported a grant from the Federal Home Loan Bank of Chicago amounting to another $1 million under their Affordable Housing Program.
This financing will support the preservation and renovation efforts for an 84-unit apartment complex which will consist of different unit types such as one-bedroom/one-bath units (32), two-bedroom/one-bath units (35), two-bedroom/two-bath units (17). Once completed, these renovated apartments are expected to provide comfortable living spaces for seniors in Racine community.
