Milwaukee, October 15, 2024 – Associated Bank announced completion of a $59.85 million financing package for Three Leaf Partners and Continental Properties for the development of Westrock Residences, a 267-unit housing development at 700 W. Capitol Drive in Hartland, Wisconsin. Associated Bank, as Administrative Agent and Co-Lead Arranger, was joined by Johnson Bank, Co-Lead Arranger, and Greenwoods State Bank to complete the construction loan syndication.
The Village of Hartland is supporting the project with a TIF that will reimburse the developer up to $15.9 million over 27 years using taxes the new development generates. The project is anticipated to produce approximately $54 million in incremental value, according to the Village. The site is a 45-acre former quarry that has been slated for redevelopment for decades.
Plans for Westrock Residences call for 27 townhouse-style units and 240 units in two-story stacked flats. There will be a mix of one-, two- and three-bedroom floor plans. Amenities will include a fitness center, golf simulator, pool, playgrounds, more than two miles of walking paths and a dog run. JLA Architects, Milwaukee, is the project's architect.
Site work is already underway, and the project will be completed in phases with the first units available for occupancy in the summer of 2025. Continental Properties, based in Menomonee Falls, Wis., will manage the property.
Three Leaf Partners is a Milwaukee development firm focused on creating communities by connecting professional athletes, business executives and community leaders to build forward-thinking, sustainable structures which create positive community impact and long-term financial stability. Continental Properties is a national developer and operator of multifamily communities, retail and hospitality properties. Since its inception in 1979, Continental Properties has developed over 129 apartment communities encompassing more than 34,000 apartment homes in 19 states.
Ryan Krombach, a senior vice president with Associated Bank’s Commercial Real Estate Division, originated and managed the loan.
Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $41 billion and is the largest bank holding
company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated