Wisconsin

KeyBank Provides $142.4M Financing for Six-Property Affordable Housing Portfolio in Texas, Florida, Midwest

by Kristin Harlow July 14, 2017

TEXAS, FLORIDA, WISCONSIN AND MICHIGAN — KeyBank Real Estate Capital has provided $142.4 million in loans for a six-property affordable housing portfolio across Texas, Florida and the Midwest region. The loans were used for a variety of purposes, including refinancing, acquisitions and renovations. KeyBank provided $115.7 million in Fannie Mae loans for Limestone Canyon, a 260-unit apartment complex, and Parkside Crossing, a 218-unit apartment complex, both located in Austin, Texas; Sendero Ridge, a 384-unit apartment property located in San Antonio, Texas; Arcade Apartments, a 75-unit apartment building in Racine, Wis.; and Pasco Woods, a 200-unit complex in Wesley Chapel, Fla. All properties reserve at least 50 percent of units for tenants making 60 percent or less of the area median income. KeyBank provided an additional $14.8 million bridge-to-HUD loan for Lakestone Apartments in Ann Arbor, Mich. The 144-unit property consists of one-, two- and three-bedroom units designated for those earning 50 to 60 percent of the area median income. Built in 1998, the apartment building features amenities such as a clubhouse, pool, recreation center, basketball court, computer center and laundry facilities. Harmony Housing, a nonprofit organization, was the borrower. KeyBank also provided an $11.9 million loan to the organization to …

July 14, 2017

Loans Midwest Multifamily Wisconsin

ASC Arranges $3.9M Refinancing Loan for Multifamily Property in Milwaukee

by Kristin Harlow July 11, 2017

MILWAUKEE — American Street Capital (ASC) has arranged a $3.9 million loan for the refinancing of a 112-unit multifamily property in Milwaukee. Located in the Timmerman West neighborhood, the property consists of seven two-story buildings with a retail component. Amenities include a pool, running paths, underground parking, laundry facilities and on-site property management. The complex was built in 1984. Igor Zhizhin of ASC arranged the non-recourse loan through a Fannie Mae DUS lender.

July 11, 2017

Midwest Office Wisconsin

CBRE Arranges $66.5M Sale of Office Building in Milwaukee

by Kristin Harlow July 10, 2017

MILWAUKEE — CBRE Capital Markets has arranged the sale of Manpower’s headquarters in Milwaukee for $66.5 million. The 280,000-square-foot office building is located at 100 Manpower Place. The Class A property is fully net leased through August 2031 to Manpower Group Inc., a human resources consulting firm. Guy Ponticiello, Paul Lundstedt, Bill Bonifas and Maury Vanden Eykel of CBRE represented the seller, Riverbend Place. Bentall Kennedy purchased the building in partnership with Warba Bank.

July 10, 2017

Midwest Office Wisconsin

Colliers Brokers $1.5M Sale of Office Property in Milwaukee

by Kristin Harlow July 7, 2017

MILWAUKEE — Colliers International | Wisconsin has brokered the sale of a 23,796-square-foot office property in Milwaukee for $1.5 million. The building is located at 600 N. Broadway in the East Side commercial historic district. Anchor tenants at the property include End, Hierseman & Crain LLC, Mahler Enterprises and Bronfman E.L. Rothschild LP. Tom Shepherd and Cory Sovine of Colliers International | Wisconsin represented the seller, 600 North Broadway Partners LLC. Bruce Westling of NAI MLG Commercial represented the buyer, 600 North Broadway LLC, an affiliate of J. Jeffers & Co.

July 7, 2017

Midwest Multifamily Seniors Housing Wisconsin

MBH Brokers Sale of 114-Unit Seniors Housing Portfolio in Wisconsin

by Kristin Harlow July 6, 2017

JANESVILLE AND SHEBOYGAN, WIS. — MBH Investment Real Estate LLC has brokered the sale of Janesville Regency House and Sheboygan Regency House in Wisconsin. The sales price was not disclosed. Janesville Regency House is a 55-unit seniors housing property in Janesville, about 40 miles south of Madison. Constructed in 1990 and located at 100 N. Franklin St., the three-story apartment building sits on a 1.2-acre site. One- and two-bedroom units range in size from 675 square feet to 880 square feet. Sheboygan Regency House is a 59-unit seniors housing property in Sheboygan, located in eastern Wisconsin. Built in 1989 and located at 919 Wisconsin Ave., the four-story apartment building also features one- and two-bedroom units. Both properties were 100 percent occupied at the time of sale. Matson Holbrook of MBH brokered the transaction on behalf of the seller, Doneff Asset Co. LLC.

July 6, 2017

Loans Midwest Multifamily Wisconsin

Walker & Dunlop Arranges $20M Construction Loan for Age-Restricted Apartment Complex in Shorewood, Wisconsin

by Kristin Harlow July 5, 2017

SHOREWOOD, WIS. — Walker & Dunlop Inc. has arranged a $20 million loan for the construction of The Oaks of Shorewood near Milwaukee. The apartment complex, designed for active seniors 55 and older, will consist of four buildings with 34 one-bedroom units and 67 two-bedroom units. Amenities include a spa and outdoor pool, yoga and fitness center, fireside lounge, theater, library, business center, community room and underground parking. Sherman Associates is developing the $26 million project, slated for completion in 2018. Jeff Schmidt and Tim Cotter of Walker & Dunlop arranged the three-year loan. TCF Bank provided the loan.

July 5, 2017

Loans Midwest Multifamily Wisconsin

Associated Bank Provides $17M in Construction Financing for Apartment Conversion in Eastern Wisconsin

by Kristin Harlow June 26, 2017

FOND DU LAC, WIS. — Associated Bank has provided a combined $17 million in debt and equity for the conversion of two former Catholic schools into 47 apartments in Fond du Lac. Located at 63 East Merrill Ave. and 95 E. Second St., Parish School Apartments will feature 17 three-bedroom units, 28 two-bedroom units and two one-bedroom units. Amenities will include a community room, exercise room and business center. Eleven apartments will be reserved for veterans and/or individuals at risk of long-term homelessness. Completion is slated for March 2018. Commonwealth Development Corp. is the developer of the project, targeted for low-income residents. Associated Bank will purchase the federal low-income housing tax credits and the federal and Wisconsin historic tax credits totaling $9 million through the National Equity Fund. Associated Bank will also provide the $7.4 million construction loan and Associated Community Development will pass through a $600,000 affordable housing program grant via the Federal Home Loan Bank of Chicago.

June 26, 2017

Industrial Midwest Wisconsin

Aquarius Technologies Signs 21,740 SF Industrial Lease in Saukville, Wisconsin

by Kristin Harlow June 13, 2017

SAUKVILLE, WIS. — Aquarius Technologies has signed a 21,740-square-foot industrial lease in Saukville, about 25 miles north of Milwaukee. The wastewater treatment solution company will occupy the property located at 420 Technology Way. Nick Keys of the Dickman Co. Inc. represented the tenant, while Stephen Provancher and Brett Garceau of NAI MLG Commercial represented the landlord, Technology Way LLP.

June 13, 2017

Market Reports Midwest Midwest Market Reports Multifamily Wisconsin

Wisconsin Supreme Court Reaffirms Subsidized Housing Valuation Methods

by Kristin Harlow June 8, 2017

In a major victory for subsidized housing developers and investors, the Wisconsin Supreme Court has reaffirmed longstanding principles governing the assessment of these properties. The Dec. 22, 2016 decision in Regency West Apartments LLC v. City of Racine confirms that the assessment of a subsidized housing project is a property-specific exercise that must take into account the type of federal program involved, specific restrictions on the property, and actual property income and expenses. The decision also affirms that the value of a subsidized property cannot be determined by comparison to conventional apartment properties that have no restrictions and can charge full market rents. Historical context The Wisconsin Supreme Court first upheld these principles in a 1993 case involving a Milwaukee apartment project subject to rental and other restrictions imposed by the U. S. Department of Housing and Urban Development (HUD). The assessor had valued the property based on market rents at conventional apartments, ignoring the property owner’s inability to legally charge market rents. The Supreme Court nullified the assessment, stating that the assessor had illegally assessed the property by “pretend[ing]” that the HUD restrictions did not apply. The new decision In the December 2016 decision, the Supreme Court reaffirmed the …

June 8, 2017

Industrial Midwest Wisconsin

Dickman Brokers Sale of 40,427 SF Industrial Building in Brookfield, Wisconsin

by Kristin Harlow June 7, 2017

BROOKFIELD, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 40,427-square-foot industrial building in Brookfield. The property is located at 12745 W. Townsend St. Ryan Opportunity Investments LLC purchased the building from Favorite Son LLC for an undisclosed price. Samuel M. Dickman Jr., Samuel D. Dickman and TJ Huenerbein of Dickman brokered the transaction.

June 7, 2017

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