Associated Bank Provides $32.75M Construction Loan for 236-Unit Strata Apartments in Grand Chute, Wisconsin

Associated Bank has closed a $32.75 million construction loan to Toonen, Inc. for the development of Strata Apartments, a 236-unit market-rate multifamily complex in Grand Chute, Wisconsin, the Green Bay-headquartered bank announced April 9, 2026.

The project is situated on a 30.32-acre parcel at 2101-2431 McCarthy Road, just north of a busy and growing retail area. Construction is underway, with completion targeted for February 2028.

Project Details: 25 Buildings, 236 Market-Rate Units

The Strata Apartments development will consist of 25 residential buildings totaling 236 units. The configuration includes 18 ten-unit buildings — accounting for 180 units — with attached garages, and seven eight-unit buildings totaling 56 units with detached garages. Of the total unit count, 172 will be two-bedroom apartments and 64 will be one-bedroom units, all offered at market-rate pricing.

Toonen Properties, founded in 1983, currently manages nearly 3,500 units across the Green Bay and Fox Valley areas of Northeast Wisconsin. The Strata Apartments project represents a continued expansion of that portfolio.

Commercial Real Estate Financing Arranged by Associated Bank's CRE Division

Tim Jorgensen, a senior vice president with Associated Bank's Commercial Real Estate division in Green Bay, managed the loan arrangements and closing. Associated Bank's CRE division maintains offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas, and Wisconsin, and focuses on providing financing solutions to commercial real estate developers, owners, and operators.

Associated Bank (NYSE: ASB), the largest bank holding company based in Wisconsin, reported approximately $50 billion in total assets. The bank operates more than 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri, and Nebraska, as well as loan production offices in Indiana, Kansas, Michigan, New York, Ohio, and Texas.

Developer Background: Toonen Properties

Founded in 1983, Toonen Properties has developed and managed apartment communities across Northeast Wisconsin, with a portfolio concentrated in the Green Bay and Fox Valley areas. The firm's nearly 3,500-unit portfolio spans multiple communities in the region. The Strata Apartments project at McCarthy Road represents a continued expansion of that portfolio into a submarket adjacent to established retail activity.

About Associated Bank

Associated Banc-Corp (NYSE: ASB) is headquartered in Green Bay, Wisconsin, and operates more than 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri, and Nebraska, as well as 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.