A ribbon cutting ceremony was held last week to celebrate the completion of the 140-unit Beerline B Apartments development at the northeast corner of Commerce and Pleasant, just north of downtown Milwaukee.
Beerline B was developed by Fox Point-based General Capital Group and Schlitz Park developers Gary Grunau and Scott Sampson.
U.S. Bank announced that it provided nearly $20 million in low-income housing tax credit equity financing and a $20.5 million construction loan for the project.
The tax credits were available through the federal government’s section 42 program. By using that program, 85 percent of the Beerline B units are being rented at below market rates to tenants whose household income is between 30 and 60 percent of the area’s median income.
“We’re close to being fully leased up,” said Michael Weiss, president of General Capital. “Our rents are so affordable we were able to lease up very quickly.”