Neutral Secures $133M for Milwaukee Luxury Project

Neutral has received $133.3 million in construction financing for The Edison, an upcoming 378-unit luxury community in Milwaukee. Bank OZK provided the senior financing and Pearlmark the mezzanine financing. JLL Capital Markets arranged the deal on behalf of the borrower.

Currently, another luxury tower in Milwaukee dubbed Ascent MKE holds the title for the world’s tallest mass-timber and concrete hybrid building. Once completed, The Edison is slated to become the tallest mass timber structure in North America, with its 31 stories.

The 308,913-square-foot property will rise at 1005 N Edison St., along the Milwaukee River. The development will comprise studio, one-, two- and three-bedroom units, as well as 7,200 square feet of retail space. Shared amenities at the property will include a fitness center, spa, dog park, movie room and community garden. Downtown will be less than 1 mile south of the future apartment community, along with interstates 43 and 794.

A sustainable mass timber project

The sustainable tower’s natural materials are estimated to reduce carbon emissions by 17 percent, as well as reduce energy consumption by 45 percent. The development is designed to meet the standards to receive both Passive House certification from PHIUS, as well as Living Building Challenge certification by the International Living Future Institute.

JLL’s Director Mike Brady, Associate Tara Hagerty and Analyst Merrick Evans were involved in the financing deal. Earlier this week, JLL Capital Markets secured another loan for a multifamily property in the Midwest. The company arranged a $113.8 million Freddie Mac note for The Georgetown Co.’s 496-unit residential community in Chicago.