NewPoint Provides Financing on Milwaukee Affordable Project
NewPoint Real Estate Capital has provided $20.6 million in NewPoint Impact financing to facilitate the development of Michigan Street Commons, a 99-unit affordable housing community in Milwaukee. Bear Real Estate Group, a Kenosha, WI-based affordable housing and commercial real estate developer with a portfolio spanning 20 states, is developing the project, which is slated for completion in Spring ... The post NewPoint Provides Financing on Milwaukee Affordable Project appeared first on Connect CRE.
NewPoint Real Estate Capital has provided $20.6 million in NewPoint Impact financing to facilitate the development of Michigan Street Commons, a 99-unit affordable housing community in Milwaukee. Bear Real Estate Group, a Kenosha, WI-based affordable housing and commercial real estate developer with a portfolio spanning 20 states, is developing the project, which is slated for completion in Spring 2024.
The loan was originated by managing director Cesar Diaz and structured as a NewPoint Impact 4% Tax-Exempt Bond Financing. Three series of bonds were issued by the Wisconsin Housing & Economic Development Authority, one of which was a taxable tail. Raymond James was the LIHTC equity syndicator.
“NewPoint is incredibly proud to again partner with Bear Real Estate Group on what represents the first step in the transformational redevelopment of an underutilized corridor in downtown Milwaukee,” said Diaz.
The post NewPoint Provides Financing on Milwaukee Affordable Project appeared first on Connect CRE.
What's Your Reaction?
