Canadian Imperial Bank of Commerce (CIBC) announced Monday that it has committed $45.5 million in financing for the $120 million
ThriveOn King project in Milwaukee.
A collaboration between
Royal Capital Group, the
Greater Milwaukee Foundation, and the
Medical College of Wisconsin, the ThriveOn King project is the redevelopment of the former Schuster’s and Gimbel’s Department store building at Garfield Avenue and Dr. Martin Luther King Jr. Drive.
Once completed, the 455,000-square-foot building will be turned into offices, early-childhood educational programming, health and wellness space and 90 affordable apartments.
CIBC's investment is partly an equity investment and partly a construction loan, according to a press release. The Chicago-based bank, which has a Milwaukee office, did not provide an equity/loan breakdown of the $45.5 million figure.
"We are excited to be a part of the Thrive on King project, which will not only create much-needed affordable housing, but also contribute to the preservation of
Milwaukee's rich history," said
Tony Hernandez, head of Community Investment at CIBC Bank
USA, in the release. "CIBC is especially passionate about this project because it represents a significant investment in
Milwaukee's future, and we are proud to be a part of it."
Representatives from Royal Capital Group did not immediately respond to further questions about the project's financing.
