Updated Dec 4, 2024
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.
On the Map
$14,300,000
Development Site
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Players
Madison Development Site Market Snapshot
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Deal FAQ
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