$39.1M financing secured for Tennessen Flats in suburban Milwaukee

• JLL arranged $39.1 million in construction takeout financing for Tennessen Flats, a 173-unit, 2025-vintage Class A multifamily community in Menomonee Falls, Wisconsin
• An entity managed by Argentic Investment Management LLC (“Argentic”) provided the floating-rate loan, which refinanced the property's existing construction loan
• Completed in 2025, Tennessen Flats offers 173 units of Class A multifamily about 15 miles northwest of Downtown Milwaukee

CHICAGO, Nov. 10, 2026 –  JLL Capital Markets announced today that it has arranged $39.1 million in construction takeout financing for Tennessen Flats, a 173-unit, Class A multifamily community in Menomonee Falls, Wisconsin, an affluent suburb of Milwaukee.

JLL worked on behalf of the sponsor, Weas Development and Klein Development, to secure the floating-rate loan from Argentic. The financing refinanced the property's existing construction loan.

Completed in 2025, Tennessen Flats consists of three four-story buildings and is complemented by two standalone retail buildings totaling 15,360 square feet. At the time of closing, the property was completing lease-up. The community offers a diverse mix of studio, one-, two- and three-bedroom units with high-end finishes, accompanied by amenities, including a resort-style pool, rooftop terraces with grilling stations, a state-of-the-art fitness center, a yoga studio, and an oversized resident lounge.

Tennessen Flats is located at N72W12929 Good Hope Road about 15 miles northwest of Downtown Milwaukee. The property offers immediate access to Interstate 41 and US Route 45 as well as numerous Fortune 500 headquarters within the Milwaukee area. The Eastern Waukesha County submarket that Tennessen Flats is located in has demonstrated strong fundamentals, with a 2026 vacancy rate of 4.4% expected to tighten to 3.5% by year-end, and net absorption of 560 units over the past year against only 200 units of new deliveries.

JLL's Capital Markets Debt Advisory team representing the borrower included Senior Directors Phil Galligan and Brian Walsh, and Senior Analysts Christian Johnston and Merrick Evans.

"Tennessen Flats benefits from a best-in-class sponsorship team with a deep and proven track record in the Milwaukee market," said Galligan. "Weas Development and Klein Development together represent more than $2 billion of completed projects in the Milwaukee area since 1981, and that experience gave lenders significant confidence.”

JLL Capital Markets 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.

For more news, videos and research resources, please visit JLL’s newsroom. 

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of September 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Argentic is an investment manager of commercial real estate lending and investment vehicles focused on providing fixed-rate and floating-rate debt financing solutions to property owners throughout the United States. To learn more, please visit www.argentic.com.

Weas Development, founded in 1997, is a real estate development and asset/property management company driven by a simple idea. At Weas, simple doesn’t mean easy; and simple certainly doesn’t mean basic. For us, simple means we focus on what we know best, then team with first class professionals to deliver a complete project. Our expertise has generated 2.2 million total completed square feet of real estate, and over $330 million in development value. For us and our partners – simple works.

Klein Development is one of the largest privately-held real estate development companies in Wisconsin. Founded in 1981 by Dennis Klein, the family-led company specializes in new construction, thoughtful historic renovations, project financing, and community-focused investments. Recognized as one of the most active developers in Milwaukee today under the leadership of Michael Klein and Joe Klein, Klein Development balances modern, vibrant residential and retail portfolios with the shifting needs of local communities.