The North End Phase II to Break Ground in February
Mandel Group will be moving forward with the second phase of The North End development project in February. Financing for the project was finalized as WHEDA completed the sale of $54.6 million of tax-exempt Midwest Disaster Area bonds. These funds will go to provide funding for The North End Phase II, as well as funding the “LightHorse | 4041″ mixed-use development in Shorewood. Additionally, Mandel Group directly placed $7.75 million in tax-exempt bonds to complete the financing for the project. “This was one of the more involved financings we’ve completed thus far, indicative of the challenges with capital formation in the real estate space” commented David A. Pavela, Chief Financial Officer for Mandel Group, Inc.
This phase will add 155 apartments, 20% of which will be affordable units per the WHEDA financing agreement, new retail space, and numerous public infrastructure improvements. Richard W. Lincoln, senior vice president of Mandel Group, noted that “Significant investment by both the public sector and our development partnerships will add new streets, an extensive riverwalk and a new public meeting and entertainment square” to the North End development.
Building(s): Portrait, Silhouette, The North End
Government: Wisconsin Housing and Economic Development Authority
Neighborhood(s): Lower East Side, Park East