On June 1, 2022, Twain closed on $16.2MM in federal and state historic tax credit equity that will help transform the former Gimbels-Schuster’s Department Store in Milwaukee, Wisconsin. Twain also provided a $12 million HTC bridge loan. Upon completion of the renovation, the building will become the new home for the community facing division of the Medical College of Wisconsin and headquarters for the Greater Milwaukee Foundation. The building will also have substantial community space, including flexible event space, a community kitchen, makerspace, a food hall, an early childhood education facility, and a business center. Royal Capital Group is the sponsor and lead developer of this project.
“This project is a shining example of community development from the ground up. Royal Capital and the ThriveOn partnership were steadfast in cultivating, promoting, and protecting a community vision for this important facility – a vision that they sought out through solicitation of direct community stakeholder feedback. Patient planning that is collaborative with, and responsive to, a neighborhood is really hard work, and Twain is proud to play its role alongside these remarkable partners,” says Erik Lintvedt, Business Development Officer at Twain.
The Schuster Building began construction in June 2022 and has a targeted completion date in the summer of 2023. There is a second phase to the development planned for a future date that will include 80+ affordable apartments.
Click here to learn more about historic tax credit investment opportunities at Twain.