Wisconsin

Multifamily Sector Sees Positive Indicators from Healthy Midwest Economy

by Sarah Daniels June 1, 2021

Focus on the Midwest Amid a global pandemic and its economic repercussions, the American Midwest has remained a place of comparative stability — and opportunity. Wide-open spaces and lower costs of living attract businesses and workers alike. Warehouses, distribution centers and transportation corridors bustle thanks to shifting supply chains and surges in deliveries. Educated workforces and leading universities and research centers nourish hubs in tech and life sciences. In short, there’s a lot in “flyover country” for the multifamily industry to like in 2021. An overview follows of the region stretching from Minnesota to Ohio and from Michigan to Kentucky. Why is the Midwest a good value for multifamily investors today and why is it well positioned for the post-COVID-19 recovery? Read on to learn more. Beneath-the-Radar Metropolitan Areas Blossom Even before COVID-19, Midwestern cities have been attracting people and businesses. Across industries, the Midwest hosts some of America’s largest employers: Kroger (Cincinnati), Salesforce (Indianapolis), Cardinal Health, Nationwide Insurance, Honda of America (Columbus), as well as Target, U.S. Bancorp, General Mills, 3M and Medtronic (all in Minneapolis-St. Paul). Thirteen companies in the Fortune 1000 have set up shop in Milwaukee, and 15 have operations in Columbus. The region has much …

June 1, 2021

Affordable Housing Development Midwest Multifamily Wisconsin

Hunt Arranges $13.1M in LIHTC Equity for Affordable Housing Adaptive Reuse Project in Milwaukee

by Kristin Harlow May 28, 2021

MILWAUKEE — Hunt Capital Partners has arranged $13.1 million in Low-Income Housing Tax Credit (LIHTC) equity for the rehabilitation and adaptive reuse of an old school in Milwaukee dating back to 1902. Developer Royal Capital Group plans to create 82 multifamily units known as the Phillis Wheatley Apartments. Of the units, 67 will be set aside for households earning up to 60 percent of the area median income. Amenities will include a business center, community room, fitness center, theater room and onsite management. Supportive service providers will include the Milwaukee County Veterans’ Services Office and Lutheran Social Services. Chase Bank is the primary lender on the project, providing a $15.4 million construction loan and a $3.6 million permanent loan. Chase is also extending a tax-increment financing loan for $1 million. Other financing mechanisms include HOME funds and the Federal Home Loan Bank’s Affordable Housing Program. Hunt Capital Partners syndicated the tax credits through its proprietary fund, Hunt Capital Fund Tax Credit Fund 26. The former Phillis Wheatley Elementary School, located in the Lindley Heights neighborhood of Central Milwaukee, has sat vacant since 2005.

May 28, 2021

Loans Midwest Multifamily Seniors Housing Wisconsin

Greystone Provides $35M in HUD-Insured Financing for Skilled Nursing Portfolio in Wisconsin

by Kristin Harlow May 27, 2021

ANTIGO, BURLINGTON, MANITOWOC AND KENOSHA, WIS. — Greystone has provided $35 million in HUD-insured loans for the refinancing of a five-property, 558-bed skilled nursing portfolio across Southeast Wisconsin. The facilities are located in Antigo, Burlington, Manitowoc and Kenosha. Each of the nonrecourse loans features a fixed interest rate and is fully amortized over 30 years. The loans refinance the existing debt on the properties, which were purchased in 2017. The undisclosed borrower plans to continue ongoing property improvements. Fred Levine of Greystone originated the loans.

May 27, 2021

Acquisitions Midwest Retail Wisconsin

Boulder Group Brokers $3.2M Sale of Piggly Wiggly-Occupied Property in Wisconsin

by Kristin Harlow May 26, 2021

WATERTOWN, WIS. — The Boulder Group has brokered the $3.2 million sale of a retail property net leased to Piggly Wiggly in Watertown, about 50 miles west of Milwaukee. The 27,000-square-foot building is located at 1330 Memorial Drive next to Watertown Regional Medical Center. Jimmy Goodman and John Feeney of Boulder represented the seller, a Wisconsin-based private investor. The buyer was also a Wisconsin-based investor. Piggly Wiggly’s lease expires in December 2029. There are more than 530 Piggly Wiggly stores in 17 states.

May 26, 2021

Acquisitions Midwest Office Wisconsin

Mohr Capital Acquires 112,000 SF Office Building in Pewaukee, Wisconsin

by Kristin Harlow May 21, 2021

PEWAUKEE, WIS. — Mohr Capital, a Dallas-based private investment firm, has acquired Riverwood Corporate Center II in Pewaukee, about 20 miles west of Milwaukee. The 112,000-square-foot office building serves as the headquarters of ProHealth Care, which signed a long-term lease through 2032. Built in 2002, the building is situated at the front entrance of the office park at the intersection of Riverwood Drive and State Highway 164. The three-story property features a cafeteria, executive wing, walking path, 460-space parking lot and several meeting areas. ProHealth, which is the largest healthcare provider between Milwaukee and Madison, has approximately 4,700 employees plus 1,000 doctors, according to Mohr. Matt Bear of Bear Real Estate Advisors represented Mohr in the transaction. The acquisition marks Mohr’s third investment in the Milwaukee market. Seller information was undisclosed.

May 21, 2021

Acquisitions Industrial Midwest Wisconsin

Likewise Partners Buys Metro Milwaukee Industrial Property for $3.7M

by Kristin Harlow May 21, 2021

FRANKLIN, WIS. — Likewise Partners LLC has purchased a 54,833-square-foot industrial facility located at 9720 S. Oakwood Park Drive in Franklin, a southern suburb of Milwaukee. The purchase price was $3.7 million. The building features a clear height of 24 feet and is located within the 4.5 million-square-foot Franklin Business Park. Constructed in 2000, the facility is fully leased to four tenants. Adam Matson and Travis Tiede of Newmark represented Likewise in the transaction. Raymond Zanca and Scott Modelski of Black Bear Capital Partners arranged acquisition financing. The acquisition marks the first purchase in Wisconsin for Minneapolis-based Likewise, which targets industrial investment and development in Midwest markets.

May 21, 2021

Development Midwest Multifamily Wisconsin

Wingspan Development Group, BCDC Begin Development of 300-Unit Apartment Project Near Milwaukee

by Kristin Harlow May 20, 2021

OAK CREEK, WIS. — Wingspan Development Group and Batson-Cook Development Co. (BCDC) have begun development of Hub13, a 300-unit apartment project in Oak Creek, which is located just south of Milwaukee. The 34-acre garden-style community will be situated at 781 S. 13th St. Plans call for nine buildings with units ranging in size from studios to three bedrooms. Amenities will include a fitness center, yoga studio, clubhouse, pool, Zen garden, dog park, coworking space, wine room and package system. The property will border an 11-acre nature preserve. First Merchants Bank provided project financing. JLA Architects is the architect, Ayres Associates is the civil engineer and Nicholas & Associates is the general contractor. The first units are scheduled for completion by the end of the year.

May 20, 2021

Acquisitions Midwest Office Wisconsin

River Bank Plaza Office Building in Downtown Milwaukee Trades Hands

by Kristin Harlow May 14, 2021

MILWAUKEE — CBRE has arranged the sale of River Bank Plaza, an 81,865-square-foot office building in downtown Milwaukee. The sales price was undisclosed. The multi-tenant property is located at 740 N. Plankinton Ave. along the Milwaukee River. Originally constructed in 1912, the eight-story building features 61 parking spaces in an adjacent surface lot. The building’s ground floor is home to restaurant tenant Rock Bottom Brewery. Patrick Gallagher and Matson Holbrook of CBRE represented the seller, Riverbank Plaza LLC. The buyer, 740 Plankinton LLC, plans to redevelop the upper floors into multifamily units.

May 14, 2021

Industrial Loans Midwest Wisconsin

Associated Bank Provides $13.2M Construction Loan for Industrial Project Near Milwaukee

by Kristin Harlow May 11, 2021

PEWAUKEE, WIS. — Associated Bank has provided a $13.2 million loan for the construction of a speculative industrial project in Pewaukee, about 15 miles west of Milwaukee. The 218,000-square-foot building will be located on Bluemound Road near I-94. Situated on 42.7 acres, the project will feature a clear height of 32 feet, parking for 158 cars and parking for 25 trucks. Completion is slated for the fourth quarter. The borrower was WRP Pewaukee LLC, an affiliate of Lake Forest, Ill.-based Westminster Capital LLC. Ted Notz of Associated Bank handled the loan closing.

May 11, 2021

Loans Midwest Multifamily Wisconsin

MidHudson Provides $24.5M in Preferred Equity for Development of 44-Story Apartment Tower in Milwaukee

by Kristin Harlow May 7, 2021

MILWAUKEE — MidHudson LLC has provided $24.5 million in preferred equity for the development of The Couture, a $191 million apartment tower in Milwaukee. The 44-story, 322-unit project will connect the Milwaukee lakefront to downtown through public plazas and pedestrian bridges. Barrett Lo Visionary Development (BLVD) is the developer. Plans call for 42,000 square feet of restaurant and retail space as well as a hub for the Milwaukee Streetcar. JLL is the Multifamily Accelerated Processing (MAP) lender and Baird arranged the equity placement. MidHudson’s investment included $11.7 million from its HUD Reserve Funding Program and $12.8 million of additional preferred equity. MidHudson is a specialty finance firm focused exclusively on projects and developers that use FHA senior debt. A timeline for construction was not released.

May 7, 2021

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