Love Funding Secures $15 Million Bridge Loan for the Substantial Rehabilitation of Brewery Lofts
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, closed a $15 million bridge loan for the substantial rehabilitation and mini-permanent financing of Brewery Lofts, a market-rate community in Milwaukee, WI.
Upon completion, Brewery Lofts will offer 118 units in an adaptive re-use of the historic Malt House and Malt Elevator buildings within the Pabst brewery campus. Originally built in 1882, the two buildings are part of the larger Pabst Brewery neighborhood redevelopment. This historic complex covers more than 20 acres and over six city blocks. The project will feature one- and two-bedroom luxury lofts in downtown Milwaukee. Residents will benefit from amenities including a community clubroom, business center, gaming area, fitness center and a landscaped rooftop.
The bridge financing was secured by Love Funding Senior Director Holly Bray with funding provided by Love Funding’s parent company, Midland States Bank. In addition to the bridge loan, the ownership entity, Milwaukee Pabst Holdings LLC, will benefit from federal and state historic tax credits for the redevelopment of the two buildings.
Love Funding introduced the bridge loan platform in May 2015 as a means for providing interim funding support for acquisition and refinancing applications on HUD multifamily and healthcare loans. The platform was later expanded to include tax credit equity bridge loans and construction/mini-perm financing for multifamily and healthcare development.
“Our bridge program gives our clients a seamless transition from construction and mini-perm financing to a long-term fixed-rate HUD loan. We are proud to have participated in financing the substantial rehabilitation of this unique and historic property,” said Bray.
For more information, contact Holly Bray at email@example.com or 202.887.1849 or visit www.lovefunding.com.