News release

$73.8M in construction financing secured for Bakers Place in Madison

JLL Capital Markets arranged the financing of the development of the 206 luxury apartments

January 03, 2023

Jenna Sharp

Capital Markets PR
+1 214 438 6450

CHICAGO, January 3, 2023 – JLL Capital Markets announced that it has arranged the $73.83 million construction financing for Bakers Place, a 206-unit, mass timber, luxury apartment project in Madison, Wisconsin.

JLL worked on behalf of the borrower, a partnership between The Neutral Project and Compass Properties, to secure the senior financing through Bank OZK and the mezzanine financing through Pearlmark.

The 14-story Bakers Place will total 164,707 rentable square feet and will offer studio, one-, two- and three-bedroom units, as well as approximately 8,400 square feet of complementary retail space. The project will feature luxurious units with exposed mass timber, expansive views, designer fixtures and finishes and an integrated technology package. The best-in-class community amenities will include a library and coworking space, a fitness center with personal trainers and Peloton studio, a dog park and grooming station, an entertainment deck with a kitchen and an interactive game room and lounge.

The Neutral Project is committed to redefine conventional development with new sustainable strategies. Bakers Place plans to incorporate green roofs, exposed mass timber, enhanced ventilation, and natural materials for a sustainable and restorative environment for residents. The building’s materials are estimated to reduce carbon emissions by 42% compared to conventional construction techniques. Additionally, the property will offer transportation options aimed at reducing emissions. These will include electric bike rentals and an electric ride-share program.

The property is located at 849 East Washington Ave. in the heart of Madison’s Isthmus corridor. The city was recently voted the 6th best place to live for quality of life by U.S. News. Additionally, Madison’s burgeoning employment hub has seen tremendous investment and job creation.

The JLL Capital Markets team representing the sponsor was led by Directors Mike Brady and Phil Galligan.

“We are thrilled to be a part of this team to not only add a unique luxury living option to Madison but also advance mass timber developments. We believe this project will be a catalyst to future developments throughout Madison,” said Brady.

The development team is led by Managing Partner of The Neutral Project, Nate Helbach.

“JLL was instrumental in the capitalization of Bakers Place. Their resilience in providing clarity and direction while navigating volatile market conditions and rising interest rates proved crucial to the successful execution of the construction financing,” said Helbach.

About JLL

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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About The Neutral Project

The Neutral Project is a real estate development company focusing on sustainable development to reduce both embodied and operational emissions from multifamily and commercial real estate developments. For further information, visit

About Compass Properties 

Compass Properties is a privately held, Wisconsin-based real estate company that develops, manages, and invests in commercial properties primarily in Madison, Milwaukee, and Central Wisconsin. Founded by the Noel family in 1999, Compass Properties cares about the communities in which they do business. This shows through the collaborative, value-based business approach that’s focused on building long-term relationships with tenants, business associates, and community partners. For further information, visit