Interwest Buys Loan to Own Historic Project

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.