Wimmer Communities has received $26.2 million in financing for its recently completed 138-unit Poplar Creek Club community in Brookfield, Wis.
NorthMarq secured the Freddie Mac loan on behalf of Wimmer with a 75 percent loan-to-value ratio. The 10-year fixed rate mortgage has five years of interest-only payments and a 30-year amortization period. Proceeds from the financing will pay off a $22.6 million construction loan provided by Associated Bank in 2017, according to Yardi Matrix data.
The property is located at 20200 Poplar Creek Parkway, 12 miles west of central Milwaukee, near the junction of Interstate 94 and Route 18. Comprising one- and two-bedroom units on a nearly 4-acre site, Poplar Creek was delivered in December 2019. The four-story building has a 143-space underground parking garage as well as a 4,544-square-foot retail space.
The residential building’s central common area offers amenities including a clubhouse, fitness center, yoga studio and outdoor pool. Unit floor plans range between 849 and 1,234 square feet and include 9-foot ceilings, in-unit washer/dryers, patios or balconies and gas fireplaces.
Brett Hood, senior vice president at NorthMarq’s Chicago office, closed the deal. Earlier this year, NorthMarq also originated Freddie Mac financing for the the buyer of a 116-unit property in Glendale, Ariz.