Chicago & Midwest + Midwest + Finance | March 7, 2023

NewPoint Provides Financing on Milwaukee Affordable Project

NewPoint Real Estate Capital has provided $20.6 million in NewPoint Impact financing to facilitate the development of Michigan Street Commons, a 99-unit affordable housing community in Milwaukee. Bear Real Estate Group, a Kenosha, WI-based affordable housing and commercial real estate developer with a portfolio spanning 20 states, is developing the project, which is slated for completion in Spring 2024.

The loan was originated by managing director Cesar Diaz and structured as a NewPoint Impact 4% Tax-Exempt Bond Financing. Three series of bonds were issued by the Wisconsin Housing & Economic Development Authority, one of which was a taxable tail. Raymond James was the LIHTC equity syndicator.

“NewPoint is incredibly proud to again partner with Bear Real Estate Group on what represents the first step in the transformational redevelopment of an underutilized corridor in downtown Milwaukee,” said Diaz.

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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 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).