Grandbridge closes $32 million refinance of La Crosse mall
The Milwaukee office of Charlotte, N.C.-based Grandbridge Real Estate Capital originated and closed a $32 million fixed rate refinance loan secured by Pennsylvania Real Estate Investment Trust, the owner of Valley View Mall, a 560,000-square-foot regional shopping center in La Crosse.
Funding for the transaction was provided by JP Morgan chase through their Chicago commercial mortgage backed securities origination team. The 10-year, fixed rate loan was made at 70 percent loan-to-value with an interest rate under 6 percent, according to Grandbridge.
"Retail in La Crosse was a challenging story to tell to lenders given current market conditions, but we worked hard with JP Morgan to help them understand the dynamics of the La Crosse market evidenced by the mall's strong performance," said Grandbridge senior analyst Justin Nelson.
Philadelphia-based Pennsylvania REIT specializes in mall ownership and management.
Wangard takes over management of 875 East Wisconsin Ave.
This week Wauwatosa-based Wangard Partners Inc. took over full property management responsibilities of the 225,000-square-foot 875 E. Wisconsin Ave. office building in downtown Milwaukee. A group of investors led by Wangard Advisors, an affiliate company of Wangard Partners, acquired the building in 2006. The building is occupied by Roundy's Supermarkets Inc. corporate headquarters, Artisan Partners and Ernst & Young.
Carroll University dorm project gets $400,000 brownfield grant
Clysmic Properties LLC will receive a $400,000 brownfield grant for a dormitory building project that it plans to build near Carroll University. Clysmic plans to build a 4-story residence hall with 231 beds and 11,000 square feet of first floor retail space, northwest of Grand and College avenues near the university in Waukesha. The total cost of the development is $11.5 million.
Roundabout will open today near The Brewery
City of Milwaukee officials will host a celebration today to commemorate the opening of a new roundabout intersection at North 7th Street and Juneau Avenue in downtown Milwaukee, near The Brewery, which is the redevelopment project of the former Pabst brewery complex. With the opening of the roundabout Juneau Avenue will be open to traffic all the way from Prospect Avenue to I-43 for the first time in more than a decade.
The Brewery parking structure gets LEED gold rating
The parking structure at the former Pabst brewery complex in downtown Milwaukee has received a gold rating under the LEED core and shell rating system, according to developer Zilber Ltd.
Mattress Firm opens Greenfield store
Mattress Firm Inc., a specialty mattress retailer, recently opened a store in Greenfield in the Outback Steakhouse Plaza at 4820 S. 76th St. The store is one of 10 the company plans to open this year in Wisconsin. The company has already opened stores in Brookfield, West Allis, Glendale, Pleasant Prairie and Madison.