Associated Bank announces $67.5M construction loan for luxury rental townhomes in Minneapolis suburb

MINNEAPOLIS - August 11, 2022 - Associated Bank announced closing of $67,534,926 in financing for Greystar to construct Summerwell Maple Grove. The community of two-story luxury townhomes will be located at 15400 105th Avenue North in Maple Grove, Minnesota, approximately 17 miles northwest of Minneapolis. The property formerly was unimproved agricultural land.

Summerwell Maple Grove will consist of 220 two-story luxury rental townhomes, ranging in size from 1,187 to 1,996 square feet. Units will be available in two, three and four-bedroom configurations, all with a dedicated two-car garage. Amenities will include a luxury clubhouse with fitness center, yoga room, business center, clubroom with kitchen, outdoor pool with patio & lounge area and grilling station, dog park, walking trails, children's playground and putting green. Construction will begin shortly with completion expected the same time next year.

Greystar is a fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over $221 billion of real estate in 224 markets globally and is the largest operator of apartments in the United States, managing over 768,000 units/beds.

Edward "Ted' Notz, a senior vice president with Associated Bank's Commercial Real Estate Division, together with Associated Bank's loan syndications team, handled the loan arrangements and closing.

Associated Bank's Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.

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ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $37 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.