
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
- ◦Financing
- ◦Development