St. Louis, Mo. – Twain Financial Partners announced the successful financing of $8.8mm in Federal Historic Tax Credits (HTCs) and $9.5mm in ground lease capital to rehabilitate the Milwaukee Athletic Club (MAC) in Milwaukee, Wisconsin.
Upon completion, the MAC will include 54 apartments, remodeled office and retail space, three Airbnb rooms, renovated food and beverage outlets, updated meeting and event space, and a renovated rooftop outdoor space. Additionally, the athletic club will be completely renovated into a state-of-the-art multilevel athletic club with luxury locker rooms, cardio and weight equipment, swimming pools, a golf simulator, childcare center, and courts for squash and basketball.
“Twain is dedicated to investing in the preservation of historic buildings,” said Will Purdy, Director of Business Development at Twain Financial Partners. “We are especially excited to see this project come to life through the combination of historic tax credits and our new ground lease product. We hope to make a significant impact on Milwaukee’s East Town neighborhood.”
Additional financing is being provided by The Ardent Companies and Cedar Rapids Bank & Trust.
Interstate Development Partners and J. Jeffers & Co. (JJ&C) will serve as lead sponsors for the project in a joint venture. Interstate Development Partners is a mixed-use, transit-oriented development and urban adaptive re-use real estate investment firm based in Milwaukee. JJ&C is a real estate development and investment firm dedicated to economic development and revitalization in southeastern Wisconsin. The firm has broad experience with multiple asset types.