Madison Apartments Net Financing
The six-building community is planned for the city’s most affluent neighborhood.
Vermilion Development and Quartz Lake Capital have secured financing for $95 million property in Madison, Wis. As part of the financing, JLL Capital Markets secured $33.3 million in joint venture equity for the project from Clarion Partners.
The JLL Equity Placement team was led by Managing Director Chris Knight and Director Mike Brady. Bill Barry and Bill Stewart at Draper & Kramer led the debt placement.
The community, 1617 Sherman, is situated at the junction of downtown Madison and the Maple Bluff neighborhood and comprises six mid-rise buildings offering 309 multi units with an average size of 793 square feet. The property is expected to break ground this year and be completed in 2026.
“We’re pleased to deliver a singular asset for the Madison market (with) unparalleled views of Lake Mendota, first-class design, high-end finishes and amenities and proximity to terrific recreational amenities,” Dave Cocagne, president & CEO at Vermilion, told Multi-Housing News.
Amenities include a fitness center, bicycle storage, a pet spa, coworking space, breakout rooms, a community garden and a panoramic rooftop featuring grills, firepits, and scenic lake views.
Prime location
The community also offers easy access to Madison’s Capitol Square, which boasts a range of dining, entertainment, cultural and recreational amenities, as well as over 4.1 million square feet of office space.
Additionally, the project sits on an 8-acre site adjacent to Lake Mendota and Tenney Park, giving residents protected views of the downtown skyline and the lake. Clarion Partners continues to be active in multifamily housing finance. Last year, it secured a $90 million loan for The Louise, a 246-unit luxury community in Los Angeles.
