Associated Bank Provides $17.7M Term Loan to Tricap Investments for Urbandale Townhome Acquisition

CHICAGO — Associated Bank has completed a $17,700,000 term loan to Tricap Investments for the phased acquisition of the Townhomes at Magnolia Heights, a 105-unit rental townhome community located at 5641 155th Street in Urbandale, Iowa, a suburb of Des Moines. The bank announced the transaction on June 22, 2026.

Elizabeth Hozian, a senior vice president with Associated Bank's Commercial Real Estate division in Chicago, managed the loan arrangements and closing.

Deal Structure and Property Overview

The financing is structured as a term loan supporting a phased acquisition of the rental townhome component within the larger Magnolia Heights community. The 105 two-story rental townhome units sit adjacent to 240 for-sale single-family and townhome units that make up the broader Magnolia Heights neighborhood.

The property is located within the Waukee School District and is described in the announcement as convenient to parks, trails, and a variety of dining and recreational options.

Associated Bank did not disclose the purchase price, cap rate, or price per unit in connection with the transaction.

Tricap Investments' Suburban Multifamily Strategy

Tricap Investments focuses on the acquisition of low-density multifamily housing in suburban, school-district-driven markets. According to the firm, its investments are aligned with long-duration household demand, with risk and return defined to support stable, durable cash flow for investors.

Associated Bank's Commercial Real Estate Platform

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

Associated Banc-Corp (NYSE: ASB), the parent company of Associated Bank, is headquartered in Green Bay, Wisconsin, and reported total assets of approximately $50 billion. It is the largest bank holding company based in Wisconsin and operates more than 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri, and Nebraska, along with loan production offices in Indiana, Kansas, Michigan, New York, Ohio, and Texas.

Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender, and Member FDIC.

Sources

Associated Bank Newsroom — Associated Bank announces $17.7M loan for townhome community acquisition in suburban Des Moines, Iowa (June 22, 2026)