Green Bay Multifamily Project Receives $15.5 Million Construction Loan
Walker & Dunlop, Inc. announced that it structured a $15,509,300 loan for Manseau Flats, a 78-unit, Class A multifamily development located along the western bank of the Fox River in Ashwaubenon, Wisconsin. Bedford Development will utilize cutting-edge construction techniques and the project will qualify for the National Green Building Standard designation.
Senior Vice President, Brandon Strong, and Managing Director, Chris Rumul, led the Walker & Dunlop team in arranging the new construction loan via the United States Department of Housing and Urban Development (HUD) 221(d)(4) program. The 40-year, fixed-rate loan includes a two-year construction term and provides both construction and permanent financing. The team was able to achieve favorable interest rates for the Developer by implementing HUD’s Green Mortgage Insurance Premium reduction program.
Ryan Bedford, executive vice president of developments at Bedford Development said, "No HUD 221(d)(4) loan is a walk in the park, but partnering with Walker & Dunlop's team of professionals made the process much easier. Their vast knowledge and experience in the HUD world made the complexities of our deal a non-issue.” He added, “On behalf of the ownership group at Manseau Flats, we are very pleased to have partnered with Walker & Dunlop to close our loan and begin construction.”
Strong said, “This was an exciting project for both the Developer and Walker & Dunlop because it takes advantage of the Green MIP reduction program, which provides considerable interest rate savings to the developer. To achieve the NGBS designation, Bedford will utilize the insulated concrete form wall system. Not only is this technique environmentally-friendly, but it also provides natural disaster resistance and improves ease of construction.” Rumul added, “The Chicago and Minneapolis HUD offices were very helpful in working with us on this complex transaction. We greatly value their hard work and efforts on this project and look forward to continuing our productive partnership.”
The Riverfront/Broadway District surrounding the property has undergone a vast revitalization in conjunction with the Titletown District redevelopment immediately west of Lambeau Field. Boasting several new restaurants, breweries, retail shops, hotels and entertainment options, including Lambeau Field, the home of the Green Bay Packers, both areas are now up-and-coming urban neighborhoods that appeal to young professionals and baby boomers alike. Despite this renewed interest in downtown Ashwaubenon, the most recent developments in the Green Bay area have been peripheral, and the metropolitan area has experienced minimal new multifamily construction. Manseau Flats will therefore enjoy little direct competition and fill a much-needed void of newly constructed units in an area with aging stock.
Once complete, Manseau Flats will comprise a six-story, 78-unit apartment community offering one- and two-bedroom floorplans. Situated on two acres of land and with quick access to the local bike path, an adjacent marina and several major thoroughfares, the property enjoys an ideal location. Community amenities will include a fitness center, elevator service, on-site storage, underground parking and surface parking for visitors. The units will feature upscale finishes such as a full stainless-steel appliance package, granite countertops, quality custom-made solid wood cabinetry, expansive windows and 10-foot ceilings.