Dwight Capital has closed a $114 million HUD 221(d)(4) substantial rehabilitation loan for the conversion of 100 East Wisconsin, an existing 34-story office building, into a 373-unit luxury apartment community.
Strategically positioned at the heart of Milwaukee’s downtown central business district along the Milwaukee River, 100 East Wisconsin is currently the state’s third-tallest building and will become the tallest residential building upon completion.
The apartment community will feature studio, one-, two-, and three-bedroom units. The City of Milwaukee supported the project with a tax increment financing package of up to $16.6 million. The closing marks the largest multifamily HUD loan ever closed in Wisconsin, the largest multifamily loan approved by HUD’s Midwest Region Office, and the largest HUD 221(d)(4) construction loan in Dwight Capital’s history.
Loan proceeds will be used for both the construction and permanent financing of the development. Dwight Capital Managing Director Keith Hoffman and Jack Tawil originated this loan on behalf of the developers, Klein Development, led by Joe Klein, Michael Klein, and Derek Schneider, and MOS R.E., led by Johnny Vassallo.
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