Milwaukee Office-to-Multifamily Project Lands $114M Loan

Klein Development and MOS R.E. have obtained $114 million in financing for the transformation of the 100 East Wisconsin, a historic office building in Milwaukee, into a 373-unit luxury community.

Dwight Capital originated the HUD 221(d)(4) substantial rehabilitation loan on behalf of the developers. Additionally, The City of Milwaukee provided a tax increment financing package of up to $16.6 million through a newly established tax increment district.

The credit will be used for both construction and permanent financing for the project.

The loan is the largest multifamily HUD loan ever closed in Wisconsin and the largest such credit approved by HUD’s Midwest Region Office. Moreover, it is the biggest HUD 221(d)(4) construction loan in Dwight Capital’s history.

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Located at 100 E. Wisconsin Ave. in downtown Milwaukee, the building came online 35 years ago and was added to the National Register of Historic Places in early 2025. It is one of the youngest structures to receive the designation, helping qualify its conversion for federal and state historic tax credits.

Klein Development and MOS R.E. purchased the building in 2023. At the time, plans called for the residential units to be available for rent this summer, Milwaukee Journal Sentinel reported.

A residential high-rise in the heart of Milwaukee

Upon completion, the 34-story office-to-residential conversion is set to become the tallest residential building in Wisconsin. It will include studio, one-, two- and three-bedroom units. Roughly 20 percent of the units will be affordable.

Amenities at the planned pet-friendly community will comprise a fitness center, yoga studio, spa, coworking space, game room and rooftop deck with a swimming pool, considered to be some of the best multifamily amenities this year.

Dwight Capital Managing Director Keith Hoffman and Originator Jack Tawil closed the loan on behalf of the developers.