Associated Banc: Bank closes funding for logistics center project in Minneapolis

MINNEAPOLIS – June 7, 2021 – Associated Bank announced the completion of a loan to build the Southwest Logistics Center in Shakopee, Minnesota. The property in question is located approximately five miles east of downtown Shakopee and 20 miles southwest of downtown Minneapolis. The property is currently undeveloped land but is being upgraded to 38.60 acres with a one-story large warehouse building with 505,952 square feet of rentable space.

The project will be one of the largest speculative industrial buildings in the Twin Cities market in recent years. The developer is trying to capitalize on the growing need for newer and more functional warehouse and distribution space, which has accelerated in recent years and is a trend that is expected to continue. Major customers currently active in this market include Amazon, Walmart, Federal Express, UPS, DHL and Home Depot. The construction work should be completed by the end of 2021.

Mitchell Vega, Senior Vice President, Commercial Real Estate at Associated Bank, handled the loan agreements and close.

The Associated Bank’s Commercial Real Estate division strives to provide a range of financing solutions to developers / owners / operators of commercial real estate in addition to products and services that suit their individual needs. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas, and Wisconsin.

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Associated Banc-Corp (NYSE: ASB), with total assets of $ 35 billion, is Wisconsin’s largest bank holding company. Associated, headquartered in Green Bay, Wisconsin, is a leading Midwestern banking business, offering a full range of financial products and services from more than 240 banking locations serving more than 120 communities in Wisconsin, Illinois and Minnesota, as well as commercial financial services in Indiana, Michigan, Missouri, Ohio, and Texas.

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Affiliated Banc Corp. published this content on June 08, 2021 and is solely responsible for the information contained therein. Distributed by public, unedited and unchanged, on June 08, 2021 15:56:05 UTC.

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