Home Industries Real Estate Associated Bank completes $21.9 million financing package for renovation of Racine senior...

Associated Bank completes $21.9 million financing package for renovation of Racine senior apartment complex

Harbor at State and Main

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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Andrew is the editor of BizTimes Milwaukee. He joined BizTimes in 2003, serving as managing editor and real estate reporter for 11 years. A University of Wisconsin-Madison graduate, he is a lifelong resident of the state. He lives in Muskego with his wife, Seng, their son, Zach, and their dog, Hokey. He is an avid sports fan and is a member of the Muskego Athletic Association board of directors.
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. [caption id="attachment_600523" align="aligncenter" width="676"] 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.

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