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MILWAUKEE—U.S. Bank and HSA Commercial Real Estate have just closed on a $32.5 million construction loan that will help finance the redevelopment of a group of obsolete warehouses in suburban Wauwatosa, WI, into an upscale 270,000-square-foot retail power center.

Called The Mayfair Collection, the development will eventually utilize five industrial buildings that were built between 1954 and 1967. In addition to financing from U.S. Bank, the City of Wauwatosa will provide more than $7 million in bond or loan proceeds for the project. Initially, HSA will connect three of the structures with walkways, redo the fronts, the roofs, update all building systems, but preserve their industrial look.

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