Associated Bank Closes $84M Construction Loan for 622,788 SF Manufacturing Facility in Altoona, Iowa
Associated Bank announced the closing of an $84,033,000 construction loan to Enclave for the development of a 622,788-square-foot build-to-suit heavy manufacturing facility in Altoona, Iowa, located ten miles northeast of Des Moines. The financing was arranged and led by Associated Bank as administrative agent with syndicate lenders First National Bank of Omaha and Wintrust Financial.
Associated Banc-Corp has total assets of $45 billion and is the largest bank holding company based in Wisconsin, headquartered in Green Bay.
Build-to-Suit Manufacturing Facility Details
The new manufacturing facility is being built for Robinson, Inc. to provide flexible production capacity for metal bending, large format cutting, metal forming, welding, fabricating and assembly, and electrical integration. The plant is located just north of Interstate 80 at NE 56th Street and will provide over 100 new jobs when completed in early 2027.
As Robinson's first manufacturing facility outside of Wisconsin, the company will now have close to 1.4 million total square feet of manufacturing space in Wisconsin and Iowa to better serve their energy sector customers with customized production capabilities. The City of Altoona is investing $9 million for infrastructure improvements, and Robinson will invest $76 million for upgrades.
Development Partners and Structure
Enclave, a unified real estate investment firm, combines the strength and versatility of in-house development, construction and management teams working as one. Valor Contracting, a strategic division of Enclave, is serving as the general contractor for the project.
John Rent, a senior vice president with Associated Bank's Commercial Real Estate division, handled the loan arrangements and closing. The total project capitalization includes the $84 million construction loan, $76 million in sponsor investment from Robinson, and $9 million in public infrastructure investment from the City of Altoona.
Associated Bank's Commercial Real Estate division is committed to providing commercial real estate developers, owners and operators with an array of financing solutions. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.