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2101 North Mccarthy Road

Toonen, Inc. Secures $32.75M Construction Loan From Associated Bank For Strata Apartments Project
FINANCEDDevelopment Site

Toonen, Inc. Secures $32.75M Construction Loan From Associated Bank For Strata Apartments Project

2101 North Mccarthy Road & 2431 North Mccarthy Road

$32,750,000

Building Size

Asset Type

Development Site

Closing

Apr 10, 2026

AI

The asset involved in this transaction is a development site located at 2101 North McCarthy Road and 2431 North McCarthy Road, Appleton, WI. This site is set to host the 236-unit Strata Apartments project, which spans over a 30-acre area near a growing retail corridor. The project has a construction loan amount of $32,750,000 with completion expected by February 2028.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $32,750,000
  • Lender: Associated Bank
  • Landlord: Toonen, Inc
  • Loan Type: Construction
  • Market: Appleton, WI
  • Project Units: 236
  • Completion Date: February 2028

This transaction was facilitated by Associated Bank, which provided the construction loan to Toonen, Inc. for the development of the Strata Apartments project. The transaction highlights Toonen, Inc.'s commitment to expanding residential options in the area through this significant development. The project aims to address increasing demand in the local housing market.

Players

Associated Bank
Associated BankLender
Toonen, Inc
Toonen, IncLandlord

Appleton Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.48%

Cash-on-Cash

-0.14%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93