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700 West Capitol Drive

Three Leaf Partners Secures $59.85M Loan From Associated Bank Johnson Bank Greenwoods State Bank In Hartland
FINANCEDDevelopment Site

Three Leaf Partners Secures $59.85M Loan From Associated Bank Johnson Bank Greenwoods State Bank In Hartland

700 West Capitol Drive

$59,850,000

Building Size

Asset Type

Development Site

Closing

Oct 15, 2024

AI

The transaction involves a development site located at 700 West Capitol Drive in Hartland, WI, which includes 267 residential units. The total loan amount secured for this project is $59,850,000, aimed at financing the Westrock Residences, set for completion in summer 2025.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $59,850,000
  • Units: 267
  • Lender: Associated Bank, Johnson Bank & Greenwoods State Bank
  • Landlord: Three Leaf Partners

This development is backed by a collective financing effort from Associated Bank, Johnson Bank, and Greenwoods State Bank, indicating a significant investment in the residential sector. The landlord represented in this transaction is Three Leaf Partners, who will oversee the project as it progresses towards completion.

Players

Rod McIntosh

EXP Realty

Broker

$63.3M

vol

2 deals

Broker

Hartland Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.27%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93