MADISON, Wis. — Associated Bank has completed $4.7 million in new construction financing and placement of $6.2 million in low-income housing tax credit (LIHTC) equity for Point Place Senior Apartments in Madison.
Located on a 1.3-acre site in an area of mixed commercial, retail and residential buildings, the four-story elevator building will contain 54 units restricted to senior residents ages 55 and older.
CommonBond Communities will develop and manage the building and provide supportive services to residents. RBC Capital Markets – Tax Credit Equity Group is the tax credit syndicator for the project.
Point Place will offer 42 one-bedroom, 650-square-foot units and nine two-bedroom, 950-square-foot units for households earning up to 30, 50 or 60 percent of area median income (AMI). In addition, the new building will offer three market-rate, one-bedroom units, of which 11 will be designated supportive-housing for special-needs homeless seniors with a priority on veterans.
Groundbreaking is scheduled for this month with completion expected in May 2020.
Bryan Schreiter of Associated Bank’s Commercial Real Estate group handled the loan arrangements and closing, and Teresa Rubio of the bank’s Associated Community Development group managed the equity investment.