Bear Real Estate Group has received $20.6 million in financing for the construction of Michigan Street Commons, a 99-unit fully affordable housing development in Milwaukee. NewPoint Real Estate Capital provided the NewPoint Impact 4 percent Tax-Exempt Bond Financing—Managing Director Cesar Diaz originating the loan.
The developer also received $11 million in federal low-income credits for this project from the Wisconsin Housing & Economic Development Authority in 2021, Urban Milwaukee reported. Raymond James was the LIHTC equity syndicator.
Michigan Street Commons will cater to residents earning between 50 and 70 percent of the area median income. Construction Management Associates will serve as the general contractor and Kahler Slater will design the project, according to the same source. The property is scheduled for delivery in spring 2024.
Upon completion, the five-story building will encompass 48 one-bedroom and 51 two-bedroom floorplans. Common-area amenities will include a fitness center, a community, elevator service, on-site management, controlled access and parking spaces.
Near the Iron District development
The development site is on the southwest corner of North 10th Street and West Michigan Street, in the Midtown submarket. Major thoroughfares include interstates 43, 794 and 94, which provide easy access to the Milwaukee metropolitan area. Several dining options, retail centers and entertainment venues can be found nearby. Marquette University, Milwaukee Public Museum, King Park and Aurora Sinai Medical Center are within a 1-mile radius.
Michigan Street Commons is taking shape next to the Iron District, an 11-acre sports and entertainment development. The $160 million project is developed by Bear Real Estate Group and Kacmarcik Enterprised, and will feature an 8,000-seat soccer stadium, a 3,500-person concert venue and a 140-key hotel.
