$98M financing secured for Milwaukee luxury apartment tower

CHICAGO, Feb. 1, 2024 – JLL Capital Markets announced today that it has arranged the $98 million refinancing for Ascent MKE, a 25-story, 259-unit luxury apartment tower in Milwaukee, Wisconsin. The property serves as the tallest mass-timber and concrete hybrid building in the world, offers a best-in-class amenity package and is strategically located in the heart of downtown Milwaukee.

JLL worked on behalf of the borrower, an affiliate of New Land Enterprises, to secure the three-year, floating-rate loan provided by Barings Real Estate.

Built in 2022, Ascent MKE features one, two and three-bedroom units, averaging 1,055 square feet and including smart home technology, granite countertops, in-unit washers and dryer, floor-to-ceiling windows, stainless steel appliances, heated floors and private balconies and patios. Community amenities include two outdoor rooftop decks with panoramic Lake Michigan and downtown views, a 24-hour fitness center, a sauna, a golf and multi-sport simulator, a business center, a rooftop cinema, EV charging stations, a fitness studio, an indoor/outdoor pool, a rooftop bar service, a community kitchen, dedicated workstations, a dog grooming spa, an indoor dog run and a rooftop game room. Ascent MKE also includes 330 garage parking spaces and approximately 7,000 square feet of ground-floor retail. Additionally, the property is targeting LEED Silver v4.0 and utilizes enterprise-level smart tech that integrates within the building’s state-of-the-art VRF, radiant hydronic HVAC, elevators, common areas and all access controls.

Ascent MKE’s location at 700 East Kilbourn Ave. is at the heart of downtown Milwaukee’s demand drivers. Residents are within walking distance to numerous restaurants, bars, coffee shops and recreational areas, as well as over 13 million square feet of office, including Northwestern Mutual’s Global Headquarters only two blocks away. Residents benefit from the property’s access to the Milwaukee Riverwalk, which features over 20 blocks of waterfront paths and connects The Historic Third Ward, Downtown and the Beerline Trail.

The JLL Capital Markets Debt Advisory team was led by Managing Directors Tim Joyce and Trent Niederberger, Director Mike Brady, Associate Ryan Sullivan and Analyst Michael Gurwin.

“We are thrilled to work with the New Land Enterprises team again on this iconic, award-winning sustainable property that sets the standard for luxury, high-end living in Milwaukee.  Barings provided a highly competitive, one-loan solution that allowed New Land to simplify and optimize their existing construction capital stack and position the property for continued success moving forward,” said Niederberger.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Founded in 1993, New Land Enterprises is a vertically integrated development, property management and asset management firm headquartered in Milwaukee, Wisconsin. The company has designed and developed more than 30 projects, with a market value in excess of $650,000,000.  New Land’s diverse project portfolio includes ~2,000 vintage and new construction apartments, movie theaters, retail space, office space, a food hall, and a mural alley. Their history of innovation includes identifying up-and-coming neighborhoods, the use of light gauge steel in multi-family construction, the use of radiant hydronic heating systems, and pioneering tall timber.

Barings is a $381+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.
 
* Assets under management as of December 31, 2023