The new owner of the 20-story, twin tower, 280-unit Park Lafayette property on Milwaukee’s East Side has appointed Mandel Property Services Inc. as management and leasing agent for the property. MPSI is a wholly-owned subsidiary of Milwaukee-based Mandel Group Inc.
Park Lafayette has been acquired by Park Lafayette Property Holdings LLC, which was established to hold title and direct operation of the property. Park Lafayette Holdings is an affiliate of LongView ULTRA Construction Loan Investment Fund, which provided the funds, through New York-based Amalgamated Bank, for the Park Lafayette project.
Of the 280 units, 272 were acquired by PLPH on January 27 at the conclusion of the bankruptcy sale and auction process. The other eight were sold previous as condominiums to individual owners.
Currently, about 65 percent of the units in Park Lafayette are leased to tenants.
Mandel Group has consulted on the Park Lafayette property in various capacities since being named receiver in October, 2009.
The property will be marketed under the name Park Lafayette Towers.
"We’re excited to be able to bring an aggressive, well-planned leasing and marketing strategy to Park Lafayette Towers,” said Don Lindeman, president of MPSI. “This property is the best-of-class in the upper eastside marketplace, and offers exceptional neighborhood amenities and terrific lakefront access.”
Mandel Property Services is planning several modifications to the existing common areas of the property, which will be undertaken and completed during the winter months. A grand re-opening of the property is expected for mid-April.
“We’ll be offering very competitive lease packages during the next few months, and look forward to our grand re-opening in April to show off the improvements made to the property,” Lindeman said. “We’re excited to extend our Mandel brand and management style to this truly unique property.”
