Associated Bank announced that it has completed a $21.9 million financing package for Gorman & Company’s renovation of the 84-unit Harbor at State and Main senior apartment complex at 141Main St. in downtown Racine. Harbor at State and Main Associated Bank acted as lead bank and administrative agent on a $9.15
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Harbor at State and Main[/caption]
Associated Bank acted as lead bank and administrative agent on a $9.15 million construction/bridge loan and led a federal low-income housing tax credit equity investment of $11.97 million, both of which included syndications to Johnson Bank, provided a $1 million term loan and supported the $1 million Affordable Housing Program grant via the Federal Home Loan Bank of Chicago. Bryan Schreiter, a senior vice president with Associated Bank’s Commercial Real Estate Division, originated and managed the syndication package. Stefanie Bachrach, a senior vice president with Associated Community Development, the bank’s community development corporation, managed the equity closing.
Harbor at State and Main was completed in 2006 as a low-income housing tax credit development. In addition to the apartments, it also has ground-level commercial space.
The renovation project will include parking lot and concrete repairs; landscaping upgrades; replacement of windows and exterior lighting; new siding, painting and staining; HVAC and electrical upgrades; and new flooring and common-area doors. Interior renovations will generally consist of new appliances, mechanical and electrical upgrades, and elevator repairs.
The project is expected to be complete in April.