Wisconsin

MILWAUKEE — Inland Venture Partners LLC (IVP), the private equity real estate arm of Inland Real Estate Investment Corp., has completed a $27 million capital raise for a 261-unit project in Milwaukee. The project was consummated through one of Inland’s joint venture partners, Kaeding Development Group LLC. The development site is located at 245 Harbor Drive in the city’s Historic Third Ward. Construction began in March 2023, and the developers expect to begin leasing the community in January 2025.

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Ascent MKE in Milwaukee

MILWAUKEE — JLL Capital Markets has arranged $98 million for the refinancing of Ascent MKE, a 25-story high-rise community in Milwaukee. JLL worked on behalf of the borrower, an affiliate of New Land Enterprises, to secure the three-year, floating-rate loan through Barings Real Estate. Tim Joyce, Trent Niederberger, Mike Brady, Ryan Sullivan and Michael Gurwin led the JLL Capital Markets Debt Advisory team. Ascent MKE was built in 2022. The property offers 259 units in one-, two- and three-bedroom layouts. Units average 1,055 square feet in size and include smart …

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MANITOWOC, MCFARLAND AND MADISON, WIS. — Marcus & Millichap has arranged the sale of a 158-unit multifamily portfolio in Wisconsin. The properties include Benley Manor, Central Park West, Woodland Commons and The Trafalgar Apartments. Matthew Whiteside of Marcus & Millichap represented the seller and the buyer. Both parties were private investors. Benley Manorf and Central Park West are both located in Manitowoc, a city on Lake Michigan. The properties were built between 1996 and 1998 and offer townhome-style units. Woodland Commons is a community in McFarland that was built between …

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Trostel Square in Milwaukee

MILWAUKEE AND BROOKFIELD, WIS. — MLG Capital has acquired three communities — Trostel Square, Norhardt Crossing and Norhardt Apartments — in the Milwaukee metropolitan area for an undisclosed price. The seller and sales price were not provided. Trostel Square is a 99-unit property located in the Brewers Hill neighborhood of Milwaukee. Norhardt Crossing and Norhardt Apartments are both located in the Milwaukee suburb of Brookfield. Together, the two properties comprise 211 units and share a full amenity set at Norhardt Crossing.

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Heyday Oak Creek in Oak Creek, Wisconsin

OAK CREEK, WIS. — Heyday has broken ground on Heyday Oak Creek, a 130-unit build-to-rent community in the Milwaukee suburb of Oak Creek. Each unit features an attached two-car garage with personal electric vehicle charging outlets, as well as a private patio or covered porch. Floor plans come in one-, two- and three-bedroom layouts ranging from 832 to 1,701 square feet. Amenities include bike and walking paths, as well as a dog park and community garden.

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A 3D render of Michigan Street Commons in Milwaukee.

MILWAUKEE — Bear Real Estate Group has secured $20.6 million in construction financing for the development of Michigan Street Commons, a 99-unit affordable community in Milwaukee. Cesar Diaz of NewPoint Real Estate Capital originated the loan, which is structured as a 4 percent tax-exempt bond financing. Three series of bonds were issued by the Wisconsin Housing & Economic Development Authority. Raymond James was the LIHTC equity syndicator. Michigan Street Commons will rise five stories and offer one- and two-bedroom floor plans. Approximately 30 percent of units will be affordable to …

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MILWAUKEE — NewPoint Real Estate Capital has provided $20.6 million in construction financing for the development of Michigan Street Commons, a 99-unit affordable housing community in Milwaukee. Kenosha-based developer Bear Real Estate Group is developing the project, which is scheduled for completion in spring 2024. The loan was arranged by Cesar Diaz, a managing director at NewPoint, and structured as a NewPoint Impact 4 percent tax-exempt bond financing. Three series of bonds were issued by the Wisconsin Housing and Economic Development Authority. Raymond James was the LIHTC equity syndicator. Launched …

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Bellview Manor Apartments in Milwaukee, Wis.

MILWAUKEE — CBRE has arranged the sale of an 11-property portfolio totaling 784 units in metro Milwaukee for an undisclosed price. The portfolio includes: Sunburst Apartments and Howard Green Apartments in Greenfield; Newbury Place Apartments in Oak Creek; and 376 units across eight assets in Shorewood and Milwaukee. A 2,520-square-foot building leased to Einstein Bros. Bagels in Shorewood was also included in the sale. Patrick Gallagher, Matson Holbrook and Gretchen Richards of CBRE represented the seller, Blankstein Enterprises and several affiliated entities. Blankstein is a Milwaukee-based, family-owned investment and property …

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