The U.S. Department of Housing and Urban Development (HUD) on Tuesday approved a guarantee for a $20 million loan for Town of Brookfield-based HSI Properties, which plans to build a 152-unit high end apartment development in Wauwatosa.
The two-building, four-story complex, to be called The Enclave, will be built at 1234 N. 62nd St., Wauwatosa, at the site of two industrial buildings that will be torn down. Construction is expected to begin in the spring said Brett Haney, principal/owner of HSI Properties. The project will be completed next year.
“We expect it to be successful,” Haney said. “The demand in Wauwatosa far exceeds the supply for quality rentals.”
HSI has not determined what the rents will be for the apartments, but they will all be market rate, Haney said.
HUD is guaranteeing a loan that will be provided by Grandbridge Real Estate Capital. The company’s Milwaukee area office is in the same building that HSI Properties’ office is in.
The other $5 million in financing for the project will be provided by equity investors, Haney said.
