Wisconsin Housing Project Scores LIHTC Financing

Monarch Private Capital has partnered with KCG Cos. to redevelop an old tannery in downtown Sheboygan into a $28 million, 149-unit affordable apartment community.
Badger State Lofts. Rendering courtesy of Monarch Private

Monarch Private Capital has closed the low-income housing tax credit (LIHTC) equity for a $28 million, 149-unit apartment project in Sheboygan, Wis. The investment firm has teamed up with multifamily developer KCG Cos. to develop the mixed-use, affordable housing community called Badger State Lofts, which is slated to open in spring 2020. 

In addition to the apartment units, the redevelopment of a historic tannery will yield community and amenity areas and parking facilities, and the site’s old boiler house and engine room will be converted into 9,000 square feet of commercial space. The units will feature a loft aesthetic in a nod to the 130-year-old building’s historic uses.

Sheboygan, the county seat of Sheboygan County, is a city of about 48,000 people north of Milwaukee. The housing project forms part of a proposed innovation district spearheaded by the Sheboygan Economic Development Corporation, a public-private partnership, that aims to revitalize and drive development in the southern portion of the city’s downtown.

Last year the Wisconsin Housing and Economic Development Authority awarded the city more than $1.5 million in State Housing Tax Credits for Badger State Lofts together with another new housing project, the 105-unit Wasserman Apartments.

Monarch Private Capital is the main investor in a solar photovoltaic project that provides energy to 545 low-income family and senior households across California.