Compass Properties JV Lands $74M for Wisconsin Project

Bakers Place. Rendering courtesy of Michael Green Architecture.

A joint venture between Compass Properties and The Neutral Project has secured $73.8 million in construction financing for Bakers Place, a 206-unit mass timber luxury project in Madison, Wis.

The financing package includes a senior loan through Bank OZK and a mezzanine loan through Pearlmark. JLL arranged the funding on behalf of both the borrower and the sponsor.

The 14-story community is slated to encompass one-, two- and three-bedroom floorplans totaling 164,707 rentable square feet, along with 8,400 square feet of retail space. Apartment interiors will feature designer fixtures and finishes, exposed mass timber and integrated technology. Common-area amenities will include a library and coworking space, a fitness center with personal trainers, a dog park and grooming studio, as well as a game room and lounge.

A green design

A team led by The Neutral Project’s Managing Partner Nate Helbach is responsible for the development process, which focuses on sustainability. Designed by Michael Green Architecture, the project is set to achieve LEED Gold certification, according to Yardi Matrix data.

Environmentally friendly features will include green roofs, enhanced ventilation, as well as natural building materials that are estimated to reduce carbon emissions by 42 percent relative to traditional construction methods. Residents will also have access to electric bike rentals and an electric ride-share program.

The property is located at 849 E. Washington Ave., along Madison’s Isthmus corridor, within walking distance of Wisconsin State Capitol, the surrounding museums and art centers, while providing immediate access to a variety of dining and retail options. Situated right off Highway 151, the property will also offer residents easy access to large employers including Epic Systems Corp. and GE Healthcare.

JLL Directors Mike Brady and Phil Galligan led the team that represented the sponsor. In prepared remarks, Brady stated that Bakers Place will serve as a catalyst for future developments throughout Madison. Recent projects in the city include a 534-bed student housing development, as well as an $18.9 million community offering affordable housing for veterans.