New Land Enterprises and Wiechmann Enterprises have received $87.7 million in construction financing for the upcoming Ascent luxury community in Milwaukee. The 25-story, 259-unit project will be the tallest mass timber structure in the world once completed.
JLL Capital Markets represented the borrower in the loan transaction. Bank OZK provided senior financing, while Hines Realty Income Fund contributed the mezzanine loan.
Ascent will rise at 700 E. Kilbourn Ave. in central Milwaukee, less than 2 miles from the junction of interstates 94 and 43. Totaling 272,475 rentable square feet, the property is expected to be completed in summer 2022 and will encompass one-, two- and three-bedroom units with average floor plans of 1,052 square feet. Some 8,000 square feet of ground-floor retail is also in the plans.
Korb + Associates Architects and Thornton Tomasetti are heading up design at the tower. Apartments will have luxury finishes, such as timber beams and ceilings, heated wood-grain flooring and integrated smart technology. Community amenities will include a wellness floor with indoor and outdoor pool, sauna and fitness center. A rooftop Skydeck will offer 8,000 square feet of event space, including a kitchen, meeting rooms, shared workspace, fire pits and cabanas.
Managing Directors Timothy Joyce and Trent Niederberger led the JLL team securing the financing.