Associated Bank, in partnership with Johnson Financial Group, announced completion of a $13 million construction/bridge loan and a $41,632,068 tax-exempt bond loan for development of Rise Madison, an affordable housing project of the Wisconsin Housing Preservation Corp. (WHPC). This 4% Low-Income Housing Tax Credit (LIHTC) project will provide affordable housing for both senior and family renters.
Associated Bank acted as lead bank and administrative agent in a unique financing collaboration. The senior financing structure will take the form of tax-exempt bonds issued by WHEDA and held by both Associated Bank and Johnson Financial Group.
The four-building project is located at 942–952, 957, 958, and 963 Rise Lane near the intersection of East Washington Avenue and North Fair Oaks Avenue. Units will be offered to tenants with income levels at or below 80% of the Dane County median income, with restricted rent levels as tax credit units. Two five-story elevator-equipped buildings will be marketed for families. One will have a total of 110 one-, two-, and three-bedroom units, and the other building will have 77 total units with a similar bedroom configuration mix. A third three-story, elevator-equipped building will have a total of 46 one- and two-bedroom units designed for senior living. The fourth building will consist of 12 two-story, three-bedroom townhomes.
All buildings will have underground parking available, and all but the townhomes will have community rooms with kitchens and various other amenities such as an office and fitness room. One of the family buildings facing East Washington Avenue will include 4,080 square feet of commercial space. Older buildings on the site have been demolished, and phased construction is underway. The first building will be completed in the first quarter of 2025, and the last building in the third quarter of 2025.
