World’s Tallest Mass-Timber Building Lands $98M
The note retires a construction loan from Bank OZK.
New Land Enterprises has obtained $98 million for the refinancing of Ascent MKE in Milwaukee, the world’s tallest mass-timber and concrete hybrid building. JLL worked on behalf of the borrower to secure the three-year, floating rate loan from Barings Real Estate.
The note retires a $62.7 million construction loan originated by Bank OZK in November 2020, according to Yardi Matrix data. The developer broke ground on the 259-unit luxury community that same year.
The JLL Capital Markets Debt Advisory team included Managing Directors Tim Joyce and Trent Niederberger, Director Mike Brady, Associate Ryan Sullivan and Analyst Michael Gurwin. Last year, Brady was among the brokers who arranged the acquisition financing for 3Eleven, a 245-unit community in Chicago.
World’s tallest mass-timber building
The 25-story tower, built according to LEED Silver standards, came online in 2022. Partners on the project included architecture firm Korb + Associates, structural engineer Thornton Tomasetti and general contractor C.D. Smith Construction.
The community comprises one-, two- and three-bedroom layouts, ranging from 573 to 3,786 square feet, and 7,000 square feet of ground-floor retail. Apartments feature private balconies and patios in select floorplans, floor-to-ceiling windows and stainless steel appliances.
Common-area amenities include rooftop terraces with bar service, game room and cinema, golf and multi-sport simulator, community kitchen, fitness center and sauna, along with an indoor/outdoor swimming pool and business center. The property also has a dog grooming spa, coworking space and work stations, as well as EV charging stations and 330 parking spaces.
The high-rise is at 700 E. Kilbourn Ave., close to a host of dining and retail options. Southridge Mall is within 12 miles, while Milwaukee Mitchell International Airport is within 11 miles.