Associated Banc: Bank Completes Funding for Minneapolis Area Logistics Center Project
MINNEAPOLIS – June 7, 2021 – Associated Bank announced the completion of a loan for the construction of the Southwest Logistics Center in Shakopee, Minnesota. The subject property is located approximately five miles east of downtown Shakopee and 20 miles southwest of downtown Minneapolis. The property is currently vacant land, but will be upgraded to a one-story bulk warehouse with 505,952 square feet of rental space located on 38.60 acres.
The project will be among the largest speculative industrial buildings of recent years for the Twin Cities market. The developer seeks to capitalize on the growing need for newer and more functional warehousing and distribution spaces, which has accelerated over the past two years and is a trend that is expected to continue. Some of the current large users active in this market include Amazon, Walmart, Federal Express, UPS, DHL, and Home Depot. The site should be completed at the end of 2021.
Mitchell Vega, senior vice president at Associated Bank’s Commercial Real Estate, handled loan agreements and closing.
The Commercial Real Estate division of Associated Bank is committed to providing developers / owners / operators of commercial buildings with a range 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.
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ABOUT ASSOCIATE BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $ 35 billion and is Wisconsin’s largest banking holding company. Headquartered in Green Bay, Wis., Associated is one of the Midwest’s premier banking franchises, offering a full range of financial products and services in more than 240 banking locations serving more than 120 communities in Wisconsin, Illinois and the Minnesota, and commercial financial services in Indiana, Michigan. , Missouri, Ohio and Texas.
Banc-Corp associated published this content on June 08, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 08 Jun 2021 15:56:05 UTC.