Finance v Wisconsin

Associated Bank closes $36 million in financing for Madison mixed-use project

Associated Bank provides $36 million in financing for Madison mixed-use,ph01

Associated Bank acted as lead arranger and administrative agent, holding a $22.6 million portion of a $36.6 million loan for Stone House Development’s construction of The Arden, a mixed-use development at 1050 E. Washington Ave. in Madison, Wisconsin.

The project is a $54.6 million mixed-use development. The remainder of the loan was syndicated to Monona Bank and Oak Bank. Associated Community Development, LLC will provide up to $5 million of opportunity zone equity.

The Ardent will be adjacent to Stone House Development’s The Lyric apartment, which was built in 2016. The site is in an opportunity zone 1.2 miles from the Wisconsin Capitol building in Madison’s Capitol East corridor.

Eleven stories in height, the building will offer about 51,000 square feet of retail and office space, 126 apartments and enclosed parking for 293 vehicles. The 11th floor will feature a community room, rooftop terrace and fitness center.

Bryan Schreiter, a vice president with Associated Bank’s commercial real estate division, handled the loan arrangements and closing. Terea Rubio, senior vice president for Associated Bank’s community development division, managed the equity investment.