Boston Capital announced it is investing in the construction of The Germania, a 90-unit apartment community for families in Milwaukee, Wis.
The development will be built by Cardinal Capital Management, with equity from the low-income housing tax credit (LIHTC) as well as the federal and state historic tax credit programs. Boston Capital syndicated the different credits to provide the project with $7.5 million.
The Germania will feature 44 tax credit and 46 market-rate units in a vacant, eight-story building built in 1896 and currently listed on the National Register of Historic Places. The first floor will include 8,500 square feet of commercial space. The LIHTC apartments will be available to families earning no more than 60% of the area median income.
The Germania will provide 38 one-bedroom and 52 two-bedroom units, ranging from 446 square feet to 1,210 square feet with an average of 761 square feet. Unit amenities will include washers and dryers, central air conditioning, and dishwashers. Community amenities will include a leasing office, a community room with a kitchen, a fitness center, and tenant storage lockers.
"We are excited to once again partner with our friends Dan O'Connell and Erich Schwenker and their team at Cardinal Capital Management, converting unused office space into homes," said Jeff Goldstein, COO and director of real estate at Boston Capital, in a statement. "Our 12th partnership with Cardinal will bring much-needed affordable and market-rate housing to the residents of Milwaukee in a unique, well-located, and architecturally attractive historic building."
Boston Capital's investment in this development adds 90 homes to its apartment portfolio. To date, the firm has invested in more than 5,800 apartments in Wisconsin.