MSP, Partners Cinch $7M in Federal Tax Credits for Waukesha M-F Project

Meadow Ridge Apartments, a mixed-income apartment complex is currently under construction in Waukesha. According to BizTimes, U.S. Bank, MSP Real Estate, Inc. and nonprofit Movin’ Out have obtained $7.2 million in federal Low-Income Housing Tax Credit equity to finance the $10.9 million project. The grant was awarded by the Wisconsin Housing and Economic Development Authority (WHEDA) in April.

by Adriana Pop, Associate Editor

Eight months after the Wisconsin Housing and Economic Development Authority awarded $7.2 million worth of federal tax credits for a mixed-income multi-family complex in Waukesha, the project’s development team has closed on the credits.

According to BizTimes, U.S. Bank, MSP Real Estate, Inc. and nonprofit Movin’ Out obtained low-income housing tax credits to finance Meadow Ridge Apartments, a $10.9 million mixed-income apartment complex. The new development will be part of the MSP’s Heritage Court Waukesha community, which currently features 36 memory care units.

Upon completion next summer, Meadow Ridge will offer 70 one-, two- and three-bedroom apartments, 61 of them designated as affordable. Six units will be designed for individuals with disabilities.

“This is the most underserved market in the state and MSP and our partners, Movin’ Out, U.S. Bank and WHEDA, are committed to developing integrated housing for individuals with disabilities, as well as those of all income levels now and in the future,” Jacob Klein, vice president of MSP Development, told the newspaper.

In other multifamily development news, The Business Journal reports that Gorman & Co. Inc. is planning the construction of a 56-unit apartment building in downtown Waukesha.

Slated to rise on a 2.3-acre parcel on East Main Street, the $10 million project will provide mostly affordable residences, along with 14 market-rate units and 14 units set aside for veterans.

Gorman will seek to obtain $850,000 in affordable housing tax credits from the WHEDA in early 2014 and expects to begin construction in about a year. Waukesha’s Plan Commission is scheduled to review the project on Dec. 11.

Photo credits: Wikimedia Commons