U.S. Bank committed more than $17.5 million in construction debt and tax credit equity for the development of a new residential complex, the Maria Linden Independent Senior and Assisted Living Apartments in Milwaukee.
The School Sisters of St. Francis renovated a historic building and constructed a new addition to complete the project. U.S. Bank’s Community Lending Division provided an $8 million construction loan. U.S. Bancorp Community Development Corporation provided $9.5 million in low-income housing tax credit and historic tax credit equity.
The 72-unit religious community, at 2735 W. Greenfield Ave., was dedicated Tuesday morning.
“We’re proud to support the development of Maria Linden, and are confident that it will add additional value to the Layton Boulevard Campus, which already provides so much for Milwaukee,” said Lynn Craghead, senior vice president for U.S. Bancorp Community Development Corporation. “Today, through the hard work of many, Maria Linden serves as an ideal home for those seeking comfortable and affordable community living with the assurance that additional care is available if needed.”
General Capital Group in Fox Point also assisted with the development by helping to develop a strategic plan and secure 42 tax credits for the Sisters. The Wisconsin Housing and Economic Development Authority awarded $926,326 in tax credits.
“Sisters and community members alike are aging, and the need for increasing care and access to a safe and healthy living environment is real,” said David Weiss, chief executive officer of General Capital Management. “The opening of Maria Linden addresses this need and is the fruition of countless hours of work with the School Sisters of St. Francis and U.S. Bank. Congratulations to all those involved in project development and best wishes to all those who will call this beautiful building home.”