$87.65M in construction financing secured for Ascent in Milwaukee
JLL Capital Markets arranged the loans for the development of the 259 luxury apartments
CHICAGO, December 10, 2020 – JLL Capital Markets announced today that it has arranged $87.65 million in construction financing for the 259-unit Ascent luxury apartment property in Milwaukee. Upon completion, Ascent will be the tallest mass timber building in the world.
JLL worked on behalf of the borrower, a partnership between New Land Enterprises and Wiechmann Enterprises, to secure the senior financing through Bank OZK and the mezzanine loan through Hines Realty Income Fund.
The 25-story Ascent apartments will total 272,475 rentable square feet and will offer one-, two- and three-bedroom units averaging 1,052 square feet as well as approximately 8,000 square feet of complementary retail space. Anticipated to deliver Summer 2022, the project will feature luxurious unit finishes including timber beams and ceilings, heated wood-grain flooring, floor-to-ceiling glass, GE appliances, Wi-Fi enabled washers and dryers and integrated smart technology in all units. The best-in-class community amenities will include a wellness floor offering an indoor and outdoor pool with retractable glass walls, a sauna, lounge and fitness center. On the top floor, a Skydeck rooftop will boast 8,000 square feet of event space featuring a kitchen, meeting rooms, fire pits, cabanas, outdoor cinema area, shared workspaces and remarkable skyline and Lake Michigan views.
The property is located at 700 E. Kilbourn Ave. in the heart of Milwaukee, the largest city in Wisconsin, which also boasts the 6th highest concentration of colleges and universities in the nation and is a top place for college graduates to live. Additionally, Milwaukee’s burgeoning employment hub has the highest concentration of manufacturing jobs in the U.S. and is an up-and-coming city for technology.
Milwaukee is also undergoing an urban revitalization, with over $2.9 billion in infrastructure, recreation, hospitality, multi-housing, parking and mixed-use development projects in the works since 2010. The downtown area specifically has undergone $1.6 billion in development including the $810 million Marquette Interchange – a connector linking almost one-third of the state’s freeway traffic.
The JLL Capital Markets team representing the borrower was led by Managing Directors Timothy Joyce and Trent Niederberger.
“We are thrilled to be a part of this team to not only add a unique luxury living option to Milwaukee but to advance mass timber development in the U.S., which is an urban landscape game changer that uses sustainable materials that are environmentally impactful on many levels,” said Joyce.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About New Land Enterprises
New Land Enterprises specializes in development, management and acquisition of multi-family residential and commercial real estate. Founded in 1993, New Land has developed over $450M of commercial and multi-family projects. New Land owns and manages over 1,500 apartments, comprised of a diverse mix of new construction and vintage buildings, as well as 200,000 square feet of retail and office space in the greater Milwaukee area.
About Wiechmann Enterprises
Wiechmann Enterprises Unlimited is a long-standing, respected real estate development and property management company serving the Milwaukee, Brookfield, Menasha, Appleton, West Bend and Green Bay areas. The company has been built on trust and attentive tenant services which its residents appreciate. It is a family-owned property management and real estate investment company which specializes in a variety of housing options in convenient locations.
About Hines Realty Income Fund
Hines Realty Income Fund LLC, closed to new investors, is a nationwide portfolio lender with discretionary capital and an experienced team dedicated to providing competitive financing structures. The fund is sponsored by Hines, whose 63-year track record and vertically-integrated platform provide a wealth of insight and experience, allowing efficient underwriting of investments and markets across the risk spectrum.