SAN DIEGO-Interwest Capital has acquired the defaulted mortgage on the 108-unit Grand Wisconsin Apartments in the latest in a series of acquisitions by the locally based company. The property is a historic 12-story, multifamily building located in Downtown Milwaukee where approximately $23 million was invested in a renovation between 2003 and 2007.

Interwest acquired the Grand Wisconsin mortgage from Bank of America and is now in the process of foreclosing. The property, which was 82% occupied a the time Interwest bought the loan, comprises 97 units that are one and two bedrooms, plus another 11 bi-level penthouse units of two, three and four bedrooms. The units range from 633 to 2,186 square feet, with rents at $850 to $2,200.

In addition to its 108 residential units, the Grand Wisconsin includes 6,000 square feet of ground floor retail space, a fitness center, sauna, whirlpool, steam room, ballroom, business center/meeting room and underground parking.

The Interwest acquisition of the Grand Wisconsin mortgage follows its purchase recently of two other loans for multifamily properties. In Texas, as reported on GlobeSt.com, the company acquired the loan on a 240-unit seniors complex in Denton called the Bridgemoor at Denton at 2801 Spencer Rd. that was 35% occupied at the time of the closing of the loan sale.

In Las Vegas, as reported on GlobeSt.com, Interwest acquired the loan on a 300-unit seniors apartment complex called Carefree Willows at 3250 Town Center Dr. in partnership with New York City-based Angelo Gordon & Co.