$39M Construction Takeout Financing Secured for Suburban Milwaukee MF

JLL has arranged $39.1 million in construction takeout financing for Tennessen Flats, a 173-unit multifamily community in Menomonee Falls, Wisconsin, a Milwaukee suburb.

JLL worked on behalf of the sponsor, Weas Development and Klein Development, to secure the floating-rate loan from Argentic. The financing refinanced the property’s existing construction loan. JLL’s Capital Markets Debt Advisory team, representing the borrower, included Senior Directors Phil Galligan and Brian Walsh and Senior Analysts Christian Johnston and Merrick Evans.

Completed in 2025, Tennessen Flats consists of three four-story buildings and is complemented by two standalone retail buildings totaling 15,360 square feet. The property is located about 15 miles northwest of Downtown Milwaukee and offers immediate access to Interstate 41 and US Route 45, as well as numerous Fortune 500 headquarters within the Milwaukee area.

“Tennessen Flats benefits from a best-in-class sponsorship team with a deep and proven track record in the Milwaukee market,” said Galligan.

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