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Chicago & Midwest  + Midwest  + Finance  | 

JLL Arranges $88M Financing on Mass Timber Project in Milwaukee

JLL Capital Markets arranged $87.65 million in construction financing for the 259-unit Ascent luxury apartment property in Milwaukee. Upon completion, Ascent reportedly will be the tallest mass timber building in the world.  

The JLL team of managing directors Timothy Joyce and Trent Niederberger worked on behalf of the borrower, a partnership between New Land Enterprises and Wiechmann Enterprises, to secure the senior financing through Bank OZK. The mezzanine portion came from Hines Realty Income Fund.

“We are thrilled to be a part of this team to not only add a unique luxury living option to Milwaukee but also to advance mass timber development in the U.S., which is an urban landscape game changer that uses sustainable materials that are environmentally impactful on many levels,” said Joyce.   

The 25-story Ascent apartments at 700 E. Kilbourn Ave. will total 272,475 rentable square feet. The project is anticipated to deliver in summer 2022.

For comments, questions or concerns, please contact Paul Bubny


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development
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