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IMPACT STORY >>> MKE LOFTS 2018-04-17T01:26:17+00:00

Project Description

MKE LOFTS

Freshwater Plaza

MKE Lofts demonstrates Impact Seven’s ability to adapt to the unique needs of a development team. Located in downtown Milwaukee, this mixed-used, mixed-income property consists of 105 apartments, 21,000 square feet of commercial space and 40 spaces of underground parking. MKE Lofts required numerous partners and financial sources to come to fruition. In 2014, developers HKS Holdings approached Impact Seven with an opportunity to invest in the historic rehabilitation a building that had seen high vacancy and deterioration for many years. Seeing the potential economic benefit to Milwaukee, Impact Seven invested $885,000 in the project and provided a letter of credit to the senior construction lender. Additional financing came from a WHEDA loan, WEDC grant, City of Milwaukee TIF funds, and federal and state historic tax credit equity. The project began occupancy in the fall of 2015.

The result is a high-quality and much-desired property with 21 affordable units in the heart of downtown Milwaukee.

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Total Project Cost
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Impact Seven Investment
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Apartments

Impact Seven’s Role

Investor

Location

Milwaukee, WI

Project Type

Historic Rehabilitation

Funding Sources/Partners

HKS Holdings
WHEDA
WEDC
City of Milwaukee TIF Funds
Federal and State Historic Tax Credits