Lincoln Avenue Capital has begun pre-development work on Bishops Woods, a 203-unit affordable community in Brookfield, Wis. McShane Construction Co. will serve as general contractor, while Knothe & Bruce Architects provided design services. Completion is expected in December 2025.The project received zoning approval from Brookfield’s common council in an 8-6 vote in 2022. Two years later, the Wisconsin Housing and Economic Development Authority, with Zions Bank as trustee, issued a total of $38.7 million in bonds, Yardi Matrix data shows.
The development received two separate loans of $4.8 million and $33.8 million, with the former being a 2-year loan at a 5 percent fixed rate and the latter being a 19-year loan at a 4.75 percent fixed rate, according to the same data provider.
Bishops Woods will serve residents earning between 40 and 80 percent of the area median income—roughly $43,000 to $86,000. The asking rent would be $400 less than the average rent in Brookfield...
Ken Notes: Nice, but why must we segregate our our service and retail workers from the rest of society. These units should be mixed in with people making the median income and more. If you can not live next to your barista, you should make your own damn coffee...
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- - Volume: 24 - WEEK: 23 Date: 6/7/2024 11:58:55 AM -