JLL Capital Markets announced that it has arranged the $133.3 million construction financing for The Edison, a 378-unit, mass timber, luxury apartment project in Milwaukee, Wisconsin.
JLL worked on behalf of the borrower, Neutral, to secure the senior financing through Bank OZK and the mezzanine financing through Pearlmark.
The Edison, located at 1005 North Edison Street in Milwaukee will total 308,913 residential rentable square feet and will offer studio, one-, two- and three-bedroom units as well as approximately 7,200 square feet of complementary retail space.
At 31 stories, it is on track to be the tallest mass timber building in North America and one of the tallest mass timber structures globally. The project will feature luxurious units with exposed mass timber, expansive views, designer finishes and an integrated technology package. The project will feature best-in-class amenities including a cafe, fitness center, spa, pool, sauna, demo kitchen, dog park, movie room, community garden and entertainment deck with kitchens. The amenity offering will be capped off with a top floor sky lounge.
Neutral is committed to redefining conventional development with new sustainable strategies. The Edison plans to incorporate exposed mass timber, enhanced ventilation, and natural materials for a sustainable and restorative environment for residents. The building’s materials are estimated to reduce carbon emissions by 17% and reduce energy consumption by 45% compared to conventional buildings. The Edison will pursue Passive House certification from PHIUS, one of the leading and strictest certifications for energy efficient buildings. Additionally, The Edison will pursue Living Building Challenge certification, a global program by the International Living Future Institute focused on regenerative buildings and resident wellness.
“We are thrilled to be a part of this team to not only add a unique luxury living option to Milwaukee but also advance mass timber developments. We believe this project will set a new standard for elevated living.” said Brady.
“JLL’s expertise was critical to bringing The Edison to life. In the face of market volatility, their strategic guidance and unwavering commitment provided the clarity and direction needed to secure vital construction financing and drive this project forward into construction.” added Nate Helbach, CEO of The Neutral. The Neutral’s development team is led by CEO Nate Helbach, CPO Daniel Glaessl and CTO Matt Frazer.
“Bank OZK is pleased to once again partner with JLL to provide senior financing for this special mass timber building, and we are excited to see this innovative venture come to life,” commented Ako Dickson, Managing Director of Originations at Bank OZK.
Lastly, Mark Witt, Managing Director of Pearlmark added, “We are excited to be involved in the financing of this project with Neutral, a repeat sponsor of the firm. This project has a great location on the Milwaukee River and steps away from the Deer District, with its numerous entertainment and food options.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
