MILWAUKEE – JLL Capital Markets has arranged a US $ 87.6 million home loan for Ascent, a 25-story luxury apartment tower with 259 units in Milwaukee. Once completed, Ascent will be the tallest solid wood building in the world, according to JLL. The 272,475 square foot development will feature one, two, and three bedroom units averaging 1,052 square feet. The development is to take place in summer 2022 and cover 8,000 square meters of retail space. Amenities include an indoor and outdoor pool, sauna, lounge, fitness center, and a rooftop event space, fire pits, outdoor cinema area, communal work areas, and views of Lake Michigan.
Timothy Joyce and Trent Niederberger from JLL arranged the financing on behalf of the borrower, a partnership between New Land Enterprises and Wiechmann Enterprises. Bank OZK provided senior finance while Hines Realty Income Fund provided a mezzanine loan. Construction is now underway. Solid wood is a category of frame styles typically characterized by the use of large solid wood panels for wall, floor and roof structures.