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LoansMidwestMultifamilySeniors HousingWalker & DunlopWisconsin

Walker & Dunlop Arranges $14.7M HUD-Insured Loan for Refinancing of Wisconsin Assisted Living Facility

by Kristin Harlow

FORT ATKINSON, WIS. — Walker & Dunlop has arranged a $14.7 million HUD-insured loan for the refinancing of Reena Senior Living, an 80-unit assisted living and memory care facility in Fort Atkinson, located about midway between Madison and Milwaukee. The property consists of a three-story assisted living building that was constructed in 2016 and a one-story memory care portion that was built in 2019. Kevin Giusti and Matthew Lund of Walker & Dunlop arranged the loan on behalf of the borrower, Tukka Properties.

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Affordable HousingLoansMidwestMultifamilyWisconsin

NewPoint Provides $12M Construction Loan for Affordable Housing Community in Madison

by Kristin Harlow

MADISON, WIS. — NewPoint Real Estate Capital has provided a $12 million loan for the construction of The Flats at 402, a 54-unit affordable housing community in Madison. All the property’s units will be restricted to residents who earn 50 to 60 percent of the area median income. The limestone exterior of an existing two-story commercial property will be repurposed for the construction of the project. An existing parking lot will be demolished and replaced with an underground parking garage. Cesar Diaz of NewPoint originated the loan on behalf of the borrower, Kenosha, Wis.-based Bear Real Estate Group. The Housing Authority of Dane County issued bonds, and National Equity Fund was the Low-Income Housing Tax Credit equity syndicator.

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Leasing ActivityMidwestOfficeWisconsin

Silvercrest Signs 11,194 SF Lease to Open Milwaukee Office at BMO Tower

by Kristin Harlow

MILWAUKEE — Silvercrest Asset Management Group has signed an 11,194-square-foot lease to open a Milwaukee office at BMO Tower. The company will occupy space on the 22nd floor and expects to open in May. Silvercrest, founded in 2002, is an employee-owned investment adviser with more than $27 billion in assets under management. The Milwaukee office joins the company’s other locations in New York, Massachusetts, California, Virginia and New Jersey. Adam Leshowitz and Nick Becker of CBRE represented the tenant in the lease negotiations. Irgens is the owner. Current tenants at BMO Tower include BMO Harris Bank, Michael Best & Friedrich, B.C. Ziegler & Co., Heartland Advisors, Kahler Slater and Andrus Intellectual Property Law LLP.

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AcquisitionsHospitalityMidwestSoutheastWisconsin

Marcus & Millichap Brokers Sale of 75-Room Hotel in Black River Falls, Wisconsin

by Jeff Shaw

BLACK RIVER FALLS, WIS. — Marcus & Millichap has arranged the sale of Comfort Inn and Suites Black River Falls I-94, a 75-room hotel property located in Black River Falls, approximately 45 miles northeast of La Crosse. Ebrahim Valliani and Michael Gantman of Marcus & Millichap represented the seller, a private investor, in the transaction. Valliani and Gantman, with Todd Lindblom of Marcus & Millichap, also represented the buyer, an undisclosed private investor. Chris Gomes and Allan Miller of Marcus & Millichap also assisted the deal as brokers. The property, located on 6.8 acres at N6295 Holiday Drive, was originally built in 1997. The sales price was not disclosed.

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DevelopmentIndustrialMidwestSelf-StorageWisconsin

Inland Private Capital Completes Development of 765-Unit Self-Storage Property in Metro Milwaukee

by Jeff Shaw

RACINE, WIS. — Inland Private Capital Corp. (IPC), with joint venture partner Devon Self Storage Holdings (US) LLC, has completed the development of a 765-unit self-storage property located in Racine, roughly 25 miles south of Milwaukee. The property is one of 10 self-storage projects being developed on behalf of the IPC-sponsored Self-Storage Qualified Opportunity Fund LLC. Comprising 80,655 square feet upon completion, the building previously housed a moving company and was acquired for redevelopment in November 2021. The redevelopment was completed in under 12 months.

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DevelopmentMidwestMultifamilyStudent HousingWisconsin

Subtext Begins Development of 536-Bed Student Housing Community Near University of Wisconsin-Madison

by Kristin Harlow

MADISON, WIS. — Subtext has begun development of VERVE Madison, a 536-bed student housing community located within walking distance of the University of Wisconsin-Madison campus. The project will rise 12 stories at 506 W. Johnson St. Completion is slated for fall 2024. In addition to fully furnished units, VERVE Madison will feature 19,000 square feet of amenity space with a rooftop pool, outdoor terrace, fitness center, coffee bar, study lounge, dog walk and pet spa. Stevens Construction Corp. is the general contractor and ESG is the architect.

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AcquisitionsMidwestMultifamilyNorthmarqWisconsin

Northmarq Brokers Sale of 1,288-Unit Multifamily Property in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — Northmarq has brokered the sale of a four-property multifamily portfolio totaling 1,288 units in Madison for an undisclosed price. The properties include Carolina Apartments, The Monticello, Monona Lakeview and Country Meadows. They were built from 1956 to 1992. Parker Stewart and Dominic Martinez of Northmarq represented the seller, who was the original developer of The Monticello and Carolina Apartments as well as the long-term owner of the other two communities. A Wisconsin-based investor purchased The Monticello, Carolina Apartments and Monona Lakeview. A Chicago-based investor purchased Country Meadows, which totals 466 units.

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AcquisitionsIndustrialMidwestSelf-StorageWisconsin

Marcus & Millichap Brokers Sale of Self-Storage Portfolio in Sheboygan, Wisconsin

by Kristin Harlow

SHEBOYGAN, WIS. — Marcus & Millichap has brokered the sale of the Champion Storage portfolio in Sheboygan, about 55 miles north of Milwaukee. The sales price was undisclosed. The portfolio totals five properties and 1,167 units. At the time of sale, the portfolio was 95 percent occupied. The facilities feature both climate-controlled and non-climate-controlled units as well as outdoor parking spaces and portable container units. Sean Delaney of Marcus & Millichap represented the seller, JGSS LLC, and the buyer, Rogers Equity Group IV LLC.

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Leasing ActivityMidwestOfficeWisconsin

Armstrong & Associates Market Research to Open Office in Brookfield, Wisconsin

by Kristin Harlow

BROOKFIELD, WIS. — Armstrong & Associates Market Research, a third-party logistics market research company, has signed a five-year lease for 2,345 square feet at Bishops Woods Office Park in the Milwaukee suburb of Brookfield. The property is located at 13400 Bishop’s Lane. Katrina Gee of NAI Greywolf represented the tenant. The landlord was not provided.

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AcquisitionsMidwestMultifamilySeniors HousingWisconsin

Greywolf Brokers $4M Sale of Seniors Housing Apartment Building in Middleton, Wisconsin

by Kristin Harlow

MIDDLETON, WIS. — Greywolf Brokerage, a division of Greywolf Partners Inc., has brokered the $4 million sale of Pheasant Branch Senior Apartments in Middleton, a suburb of Madison. The 45,166-square-foot building contains 47 units. The property was fully occupied at the time of sale and sold slightly above the listing price. Dawn Davis of Greywolf represented the seller. Buyer and seller information was not provided.

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