Newcap Completes 45-Unit Mixed-Income Development in Marinette, Wisconsin
MARINETTE, WIS. — Newcap Inc. has completed Trolley Station Terrace in Marinette, about 55 miles north of Green Bay. The mixed-income housing development features 38 units for residents earning up to 60 percent of the area median income and seven market-rate units. The property also offers social services for veterans and persons with disabilities. Nine of the units are designated for veterans and individuals who have permanent developmental, physical, sensory, medical or mental health disabilities. Amenities include a community room, computer lab, reading room, storage units, dog wash and internet.
The development team included Crown Court Properties Ltd. as co-developer, McGann Construction Inc. as general contractor, Dimension IV Madison Design Group as project architect and Lutheran Social Services as property manager.
The total project cost was $10.2 million. Hunt Capital Partners provided $6.3 million in federal low-income housing tax credit equity through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 37. The fund includes eight investors, including CVS Health. Trolley Station Terrace also benefits from funds from the HOME Investment Partnerships Program, which is a federal block grant to state and local governments designed exclusively to create affordable housing for low-income households.
Additionally, Merchants Capital Corp. provided a $1.8 million construction-to-permanent loan, financed under the U.S. Department of Agriculture Rural Housing Services Section 538 program, as well as a $4.7 million construction bridge loan. Newcap provided a $684,000 construction-to-permanent loan financed with affordable housing program funds from the Federal Home Loan Bank of Chicago. Other funding came from the Wisconsin Housing and Economic Development Authority, Wisconsin Economic Development Corp. Brownfield funds and Marinette County.