Barings Provides $98M Refi for Luxury Apartment Tower in Milwaukee
The 25-story, 259 unit luxury apartment building is the tallest timber-based structure in the world
By Brian Pascus February 8, 2024 3:18 pm
reprints
An affiliate of New Land Enterprises has secured a $98 million loan to refinance Ascent MKE, a 25-story, 259 unit luxury apartment building in downtown Milwaukee that opened in 2022.
Barings Real Estate provided the three-year, floating loan, while a JLL Capital Markets debt advisory team of Tim Joyce, Trent Niederberger, Mike Brady, Ryan Sullivan and Michael Gurwin arranged the financing on behalf of the borrower.
JLL’s Niederberger praised the Barings team’s cooperation in a statement.
“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.
Located at 700 East Kilbourn Ave., and standing 25 stories, the Ascent MKE is the tallest mass timber and concrete hybrid building in the world. The sustainable property features an electric VRF heating and cooling system, a water-based radiant hydronic HVAC system, and several electric vehicle charging stations. Niederberger described Ascent MKE as an “ iconic, award-winning sustainable property.”
Featuring one to three-bedroom luxury units that average more than 1,000 square-feet, the building includes two outdoor rooftop decks, both an indoor and outdoor pool, heated floor plans, a 24-hour fitness center, a multisport virtual simulator, a rooftop cinema, an indoor dog run, a dog spa, and a rooftop bar. There are more than 330 parking spaces attached to the property and roughly 7,000 square-feet of ground floor retail.
Based in Milwaukee, New Land Enterprises has developed more than 30 projects since its founding in 1993. The firm has more than 2,000 apartments within its portfolio.
Brian Pascus can be reached at bpascus@commercialobserver.com
