Associated Bank Closes $8.8M Construction Loan for The Carillon at Grafton Boutique Rental Community

GRAFTON, Wis. — Associated Bank has finalized an $8,846,600 construction loan for The Carillon at Grafton, a boutique rental community being developed by Cirrus Property Group, LLC in Grafton, Wisconsin, the bank announced June 4, 2026.

The commercial real estate financing deal supports construction of a 34-unit development on a 5.19-acre vacant lot at the intersection of Hunters and Mountain Lanes, just west of Port Washington Road — approximately 22 miles north of downtown Milwaukee. The loan was arranged through Associated Bank's Commercial Real Estate division.

Project Design Bridges Apartments and Single-Family Homes

The Carillon at Grafton is designed to occupy a middle ground between traditional apartment living and single-family homeownership. The project will consist of 34 units spread across 10 buildings, comprising 28 two-bedroom units and six three-bedroom units.

Each unit will feature open floor plans, first-floor primary suites, a private fenced-in backyard, and either a one- or two-car attached garage. Construction is currently underway, and the first units are expected to be ready for occupancy in early 2027.

Cirrus Property Group's First Ground-Up Construction Project

The borrower, Cirrus Property Group, LLC, is led by John Riordan and Daniel Hasbani. The firm describes itself as a professional real estate development and investment company focused on select Midwestern markets. The Carillon at Grafton represents the company's first ground-up construction project.

Associated Bank's Commercial Real Estate Financing Role

Danielle Maletzke, a vice president with Associated Bank's Commercial Real Estate division in Milwaukee, managed the loan arrangements and closing.

Associated Bank's Commercial Real Estate division provides financing solutions to developers, owners, and operators, with offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas, and Wisconsin.

Associated Banc-Corp (NYSE: ASB), the parent company of Associated Bank, holds approximately $50 billion in total assets and is headquartered in Green Bay, Wisconsin. The company operates more than 200 banking locations across Wisconsin, Illinois, Iowa, Minnesota, Missouri, and Nebraska, and maintains loan production offices in Indiana, Kansas, Michigan, New York, Ohio, and Texas.

Sources

• Associated Bank Newsroom: Associated Bank finalizes $8.8M loan for boutique rental community in Grafton, Wisconsin