The Humphrey Scottish Rite Masonic Center in downtown Milwaukee has new owners, in a move that avoided foreclosure on the property.
According to state records, an affiliate of Madison-based investor Ascendant Holdings LLC sold the Masonic Center, located 790 N. Van Buren St., to an affiliate of Northfield, Illinois-based Saxony Properties.
The deed was conveyed to Saxony in lieu of foreclosure to the mortgage lender on the property, Old National Bank, according to documents filed with the Milwaukee County Register of Deeds. The value of the property transferred to Saxony totaled around $2.57 million, according to state records.
Neither Saxony nor Ascendant immediately responded to a request for comment.
Ascendant had owned the building since 2017. It originally planned to convert it into a hotel, but earlier this year revealed plans to create around 25 apartment units there. It was also at one point listed for sale.
Milwaukee's Board of Zoning Appeals approved the residential conversion plans in April, according to city records. An application to make alterations to the building is still pending with the city.
The 65,400-square-foot former Masonic Center was built in 1889. It is assessed at $3.37 million.