MILWAUKEE-Developer Rick Barrett is under construction on the $58 million Moderne apartment tower here, with the assistance from a $42.4 million loan through HUD/FHA the project. The 30-story tower, expected to have 203 rental units, is supposed to be completed by spring 2013.
Berkadia Commercial Mortgage originated the 90% LTV with a 40-year term and a 40-year amortization with a fixed interest rate of 5.11%. The city is providing $9.3 million in loans, as well, to assist the development of 14 luxury condominiums on the top floor of the tower, which will be at 1141 Old World Third St.
Rentals at the property will range from $1,448 to $2,015. The building will also have almost 10,000 square feet of retail on the first floor, and 181 parking spaces. Rinka Chung Architecture designed the project.
Barrett tells GlobeSt.com that he couldn’t be happier about Milwaukee’s state of growth. “The multifamily market is at about 5% vacancy and pushing toward 4%,” he says. “We are on the embryonic stage of being a more metropolitan city.”
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