
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.”
- ◦Development
- ◦Financing