Two large projects move ahead this week as Mandel Group, Inc., announced late last week that the Wisconsin Housing and Economic Development Authority (WHEDA) has successfully completed the sale of $54.6 million of tax-exempt "Midwest Disaster Area Bonds" to private investors.
The proceeds of the bond offering are being used to fund first mortgage loans on the next phase of Mandel’s "North End" project in Downtown Milwaukee and the firm’s "LightHorse | 4041" mixed-use development in Shorewood.
An additional $7.75 million in tax-exempt bonds were placed directly by Mandel Group with private investors. Both developments are expected to begin construction in February.
The North End is a 500-unit residential neighborhood under construction on the Milwaukee River along North Water Street. The current phase will add 155 apartments, 20 percent of which will be offered at affordable rental rates.
LightHorse |4041 will include 84 apartments – with 20 percent offered at affordable rents – together with a new 18,000-square foot Walgreen's pharmacy and 204 stalls of public parking.
The total combined investment in the two developments is estimated by Mandel at over $71 million.
The developments were designed by Engberg Anderson Design Partnership. The North End will be constructed by Ray Hintz/CAS Construction Services, while LightHorse | 4041 is being built by VJS Construction Services, Inc.
