NATIONAL AVENUE LOFTS
Originally this project was started by another developer; however, during the market collapse of 2008/2009 that developer could not get investors interested in purchasing the tax credits on this project.
Todd Hutchison approached the developer on behalf of Impact Seven and was asked to step in by the developer. I-7, under Todd’s leadership was able to raise over $10.8 Million in equity from private investors as well as over $3 Million from WHEDA in section 1602 gap funding, another $182,000 from the Federal Home Loan Bank of Chicago, and a nearly $1 Million permanent loan.
This project is located at the southern gateway to Milwaukee’s Historic Third Ward and downtown. This area was largely industrial in character and had many vacant industrial buildings. A one story metal industrial building was cleared to make way for this new development, but the new building used a mixture of materials and styles to reflect the remaining industrial buildings nearby.
WR Role: Todd Hutchison as Employee of Impact Seven
Owner: National Avenue Lofts, LLC
LIHTC Investor: National Equity Fund
Location: Milwaukee, WI
Affordable Tax Credits
73 Affordable Units
Mixture of 1,2 & 3 bedrooms including walk- up townhomes
Total Cost: $15.9 Million
- Indoor Heating Parking
- Community Room
- Resident Business Center
- On-site Leasing Office
- Exercise Room
- Secure Access Building
- Web-based security cameras
- Common outdoor patio
- Private Porches and Balconies
- Fiber-optic cabling throughout
- Energy Efficient Windows, Furnaces, and overall design
- Industrial Chic Styling