JLL Capital Markets announced that it has arranged the $73.83 million construction financing for Bakers Place, a 206-unit, mass timber, luxury apartment project in Madison, Wisconsin.
JLL worked on behalf of the borrower, a partnership between The Neutral Project and Compass Properties, to secure the senior financing through Bank OZK and the mezzanine financing through Pearlmark.
The 14-story Bakers Place will total 164,707 rentable square feet and will offer studio, one-, two- and three-bedroom units, as well as approximately 8,400 square feet of complementary retail space. The project will feature luxurious units with exposed mass timber, expansive views, designer fixtures and finishes and an integrated technology package. The best-in-class community amenities will include a library and coworking space, a fitness center with personal trainers and Peloton studio, a dog park and grooming station, an entertainment deck with a kitchen and an interactive game room and lounge.
The Neutral Projected is committed to redefine conventional development with new sustainable strategies. Bakers Place plans to incorporate green roofs, 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 42 percent compared to conventional construction techniques. Additionally, the property will offer transportation options aimed at reducing emissions. These will include electric bike rentals and an electric ride-share program.
The property is located at 849 East Washington Ave. in the heart of Madison’s Isthmus corridor. The city was recently voted the 6th best place to live for quality of life by U.S. News. Additionally, Madison’s burgeoning employment hub has seen tremendous investment and job creation.
The JLL Capital Markets team representing the Sponsor was led by Directors Mike Brady and Phil Galligan.
“We are thrilled to be a part of this team to not only add a unique luxury living option to Madison but also advance mass timber developments. We believe this project will be a catalyst to future developments throughout Madison,” said Brady.
The development team is led by Managing Partner of The Neutral Project, Nate Helbach.
“JLL was instrumental in the capitalization of Bakers Place. Their resilience in providing clarity and direction while navigating volatile market conditions and rising interest rates proved crucial to the successful execution of the construction financing,” said Helbach.
