Grand Chute’s rental market is getting a 236-unit jolt as work ramps up on The Strata Apartments along McCarthy Road. Associated Bank has closed a $32.7 million construction loan with Toonen Inc. for the 25-building complex, which will offer market-rate units and a mix of attached and detached garages. Construction is already underway, with completion targeted for February 2028.
Loan closing and team
According to REBusinessOnline, Associated Bank provided the $32.7 million construction facility, with senior vice president Tim Jorgensen handling the loan arrangements and closing. The financing is intended to support continued on-site work throughout the build-out of the Grand Chute development.
Project specs and site
Regional commercial real estate reporting places The Strata on roughly a 30.32-acre parcel at 2101–2431 McCarthy Road, laid out as 25 low-rise buildings. ConnectCRE reports the plan calls for 18 ten-unit buildings with attached garages and seven eight-unit buildings with detached garages, with 172 of the apartments designed as two-bedroom floor plans.
Developer background
Toonen Properties, which lists “Strata” on its communities page, operates multiple apartment complexes across the Fox Cities and greater Green Bay region and traces its founding to 1983. The lender’s announcement and trade coverage note that Toonen maintains nearly 3,500 units in the area, as described in Associated Banc-Corp. Associated Bank has remained active in Wisconsin construction lending in recent years, including a $59.85 million financing for a Hartland development in 2024, according to an Associated Bank release in the company’s newsroom.
Local impact
The 236 new market-rate apartments represent a sizable supply boost for Grand Chute and sit just north of a busy retail corridor, which developers say will appeal to renters looking for convenience. REBusinessOnline and other regional CRE outlets note that the construction schedule runs through early 2028, so residents should expect ongoing building activity and some traffic changes around the area over the next two years.
