Bridgewater Bank Provides $24M Acquisition Loan on Wisconsin Apartments
By Andrew Coen October 24, 2024 12:45 pm
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A joint venture between Midloch Investment Partners and Hempel Real Estate has secured $23.5 million of acquisition financing for the purchase of a multifamily asset in suburban Milwaukee, Commercial Observer has learned.
Minnesota-based Bridgewater Bank supplied the loan on the sponsorship’s acquisition of The Oscar Apartments in Sheboygan, Wis., from Green Street Real Estate Ventures, according to Chicago-based Midloch. The purchase price was not disclosed.
“The Oscar is a high-quality property in a highly stable secondary market right in our backyard,” Andy Sinclair, CEO and principal of Midloch, said in a statement. “With quality local management from Harmoniq and additional investments in the amenity set, we expect The Oscar to lease up nicely and perform well over time.”
Located at 1436 Green Street, 55 miles north of Milwaukee on Lake Michigan, the 240-unit property was completed in 2021. Property amenities include a clubhouse, a fitness center, bike storage, a pet spa and an outdoor grilling area. It is roughly 70 percent leased, according to Midloch.
Spokespeople at Bridgewater Bank and Hempel Real Estate did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
