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JLL secured nearly $74 million in construction financing for a mass timber apartment development in Madison, Wisconsin

JLL Arranges Financing for Mass Timber Project in Madison

JLL Capital Markets arranged the $73.83-million construction financing for Bakers Place, a 206-unit, mass timber, luxury apartment project in Madison, WI. JLL worked on behalf of the borrower, a partnership between The Neutral Project and Compass Properties, to secure the senior financing through Bank OZK and the mezzanine financing through Pearlmark. 

The JLL Capital Markets team representing the sponsor was led by directors Mike Brady and Phil Galligan. The 14-story Bakers Place will total 164,707 rentable square feet and will offer studio, one-, two- and three-bedroom units, as well as approximately 8,400 square feet of complementary retail space.  

“We are thrilled to be a part of this team to not only add a unique luxury living option to Madison but also advance mass timber developments,” said Brady. “We believe this project will be a catalyst to future developments throughout Madison.” 

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JLL's Brady

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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 GlobeSt.com 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).

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