Wisconsin

Merchants Capital Originates $7.2M in Financing for New Affordable Housing Complex in Madison, Wisconsin

by Kristin Harlow September 25, 2020

MADISON, WIS. — Mortgage banking company Merchants Capital has utilized Freddie Mac’s unfunded forward commitment program to provide $7.2 million in financing for The Ace, a new affordable housing complex to be constructed in Madison. Following the 30-month construction forward commitment, the 15-year permanent loan features a 35-year amortization and a fixed interest rate. Additionally, Merchants Bank of Indiana is providing $16.9 million in construction financing on behalf of the co-developers, Movin’ Out Inc. and Commonwealth Development Corp. Merchants Capital affiliate Farmers-Merchants Bank of Illinois also secured an Affordable Housing Program grant award of $885,000. The Ace will include 70 units across two buildings. Fourteen of the units will be designated as supportive housing for individuals with disabilities, veterans or those at risk of homelessness. A total of 59 units will be reserved for residents who earn at or less than 60 percent of the county median income. A timeline for construction was not disclosed.

September 25, 2020

Affordable Housing Illinois Indiana Loans Midwest Multifamily Wisconsin

KeyBank Secures $51.5M in Acquisition Financing for Six-Property Affordable Housing Portfolio in Four States

by Kristin Harlow September 21, 2020

ILLINOIS, INDIANA, WISCONSIN AND TEXAS — KeyBank Real Estate Capital has secured $51.5 million in Fannie Mae financing for the acquisition of six affordable housing properties in four states. The properties include: Parkway Highlands in Green Bay, Wis.; Marian Heights in Alton, Ill.; Shelby’s Crest and Landing in Shelbyville, Ind.; Capitol Place in Springfield, Ill.; Broadway Place in South Roxana, Ill.; and Gardens of Mabank in Mabank, Texas. The portfolio totals 701 units. Tabare Borbon and Kyle Kolesar of KeyBank structured the financing on behalf of the borrower, Harmony Housing.

September 21, 2020

Development Industrial Midwest Wisconsin

Principle Construction Completes 96,305 SF Expansion at Wisconsin Industrial Building

by Kristin Harlow September 18, 2020

PLEASANT PRAIRIE, WIS. — Principle Construction Corp. has completed a 96,305-square-foot expansion to a 194,611-square-foot industrial building located at 10411 80th Ave. in Pleasant Prairie. Principle, which constructed the original building in 2017, completed the expansion on a speculative basis on behalf of the new owner STAG Industrial. The property features a clear height of 36 feet, 20 dock doors, 81 auto parking stalls and office space. Partners in Design Architects provided design services.

September 18, 2020

Development Midwest Office Wisconsin

BMO Opens New 25-Story Headquarters in Downtown Milwaukee

by Kristin Harlow September 11, 2020

MILWAUKEE — BMO Financial Group has opened its new Wisconsin headquarters building in downtown Milwaukee. Known as BMO Tower, the 25-story building is located at 790 N. Water St., immediately beside the company’s previous headquarters. Approximately 600 BMO employees will be based at the 336-foot-tall tower. The main floor features a new BMO branch for customers. Many aspects of the interior design of the workspaces pay tribute to BMO’s roots in Milwaukee. Many meeting and conference rooms are named after Milwaukee neighborhoods. Much of the artwork is from local artists. BMO Harris Bank is headquartered in Chicago.

September 11, 2020

Acquisitions Midwest Retail Wisconsin

Cleeman Realty Group Negotiates $7M Sale of Pick ’n Save-Occupied Property in Appleton, Wisconsin

by Kristin Harlow September 10, 2020

APPLETON, WIS. — Cleeman Realty Group has negotiated the sale of a freestanding retail property net leased to Pick ’n Save in Appleton for $7 million. The 79,711-square-foot building sits on nine acres at the corner of Wisconsin Avenue and Wilharms Drive. Jeremy Scheer of Cleeman represented the buyer, a California-based private investor. Rollie Winter & Associates represented the seller, a Wisconsin-based private investor.

September 10, 2020

Loans Midwest Multifamily Wisconsin

George Smith Partners Secures $31.5M Construction Loan for Workforce Housing Project in Sheboygan, Wisconsin

by Kristin Harlow September 9, 2020

SHEBOYGAN, WIS. — George Smith Partners has secured a $31.5 million loan for the construction of The Oscar, a 240-unit workforce housing project in Sheboygan. Green Street Real Estate Ventures was the borrower. Kyle Howerton of George Smith Partners sourced the debt through Colliers Funding. BMO Harris is the equity partner for the project. Construction is slated for completion in the third quarter of 2021.

September 9, 2020

Development Midwest Multifamily Seniors Housing Wisconsin

New Perspective Opens 128-Unit Senior Living Community in Waukesha, Wisconsin

by Kristin Harlow August 31, 2020

WAUKESHA, WIS. — New Perspective has opened New Perspective Waukesha, a 128-unit independent living, assisted living and memory care community in the Milwaukee suburb of Waukesha. Amenities include a pool, dance hall, fitness center, café, movie theater and enclosed courtyard. This is the second community that the owner-operator has opened in the past two months. New Perspective’s portfolio consists of 24 communities in Minnesota, North Dakota, Wisconsin and Illinois.

August 31, 2020

Leasing Activity Midwest Retail Wisconsin

Caliber Collision Leases 9,071 SF in Fond du Lac, Wisconsin

by Kristin Harlow August 31, 2020

FOND DU LAC, WIS. — Caliber Collision has leased 9,071 square feet at 356 N. Peters Ave. in Fond du Lac, about 68 miles northwest of Milwaukee. The auto repair shop will occupy space at the former Forest Mall, which closed in January and is undergoing demolition. David Baker of Mid-America Real Estate-Wisconsin LLC represented the landlord, ATR Corinth Forest LLC. Tenant representation was undisclosed.

August 31, 2020

Acquisitions Industrial Midwest Wisconsin

Coldwell Banker Commercial Brokers $7.9M Sale of Manufacturing Facility in Janesville, Wisconsin

by Kristin Harlow August 25, 2020

JANESVILLE, WIS. — Coldwell Banker Commercial has brokered the $7.9 million sale of a 305,000-square-foot manufacturing facility in Janesville, approximately 40 miles southeast of Madison. The building is located at 2101 Kennedy Road within the Kennedy Road Industrial Park. Constructed in the 1960s, the facility features a clear height of 24 feet, six exterior docks, three drive-in doors and 65,000 square feet of office space. The building is leased to Hufcor, which designs and manufactures operable partitions. Borden Family Trust sold the building to Badger Property Investors. Bill Mears of Coldwell Banker Commercial McGuire Mears brokered the sale on behalf of both parties.

August 25, 2020

Development Industrial Midwest Wisconsin

Principle Construction Completes 205,732 SF Warehouse in Pleasant Prairie, Wisconsin

by Kristin Harlow August 25, 2020

PLEASANT PRAIRIE, WIS. — Principle Construction Corp. has completed construction of a new 205,732-square-foot warehouse at 8500 116th St. in Pleasant Prairie, about 37 miles south of Milwaukee. Originally developed as a speculative project, the building received a tenant late last autumn. Principle accommodated the needs of the new tenant, which will use the space for large coil storage. The project features 23 dock doors, two drive-in doors and a clear height of 32 feet. The building sits on a 12.8-acre site. Partners in Design served as project architect.

August 25, 2020

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