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2510 University Avenue

Updated Dec 4, 2024

Associated Bank's $14.3M Construction Loan For Bay City Lofts Development Site
FINANCEDDevelopment Site

Associated Bank's $14.3M Construction Loan For Bay City Lofts Development Site

2510 University Avenue

$14,300,000

Units

48

Asset Type

Development Site

Closing

Feb 16, 2024

About this deal

AI

The development site located at 2510 University Ave in Green Bay, WI, has secured $14.3 million in construction financing from Associated Bank. The project, known as Bay City Lofts, is a future affordable housing development consisting of 48 units, with 40 units designated as affordable housing. The construction is expected to be completed by late 2024.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $14,300,000
  • Lender: Associated Bank - Bryan Schreiter
  • Landlord: Gorman & Co. LLC & Lutheran Social Services
  • Market: Green Bay, WI
  • Note: The project will consist of 48 units, with 40 designated as affordable housing.

Associated Bank, represented by Bryan Schreiter, provided the $14.3 million construction loan for Bay City Lofts, collaborating with landlords Gorman & Co. LLC and Lutheran Social Services to support the development of the affordable housing project in Green Bay.

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$14,300,000

Development Site

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Players

Associated Bank
Associated BankLender

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.11%

Cash-on-Cash

-0.32%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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