Royal Capital Group Begins Development of $20.3M Affordable Housing Property in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — Royal Capital Group has begun development of The Flats at Grandview Commons in Madison. The $20.3 million affordable housing property will feature 94 units. The property will include six two-story buildings with 28 two-bedroom units and 66 three-bedroom units. Amenities will include a library, computer lab, meeting space and playground. The project is slated to open in fall 2018. The project team includes architect Engberg Anderson and general contractor Horizon Construction. ACC Management Group will manage the property.

The Wisconsin Housing & Economic Development Authority provided $11 million in both construction and permanent financing, as well as approved the use of low-income housing tax credits. UnitedHealthcare provided $5.4 million in equity funding through a partnership with Cinnaire and Minnesota Equity Fund. The partnership plans to invest over $85 million to help build 13 new communities in Wisconsin and the Great Lakes region.

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