U.S. Bank and HSA Commercial Real Estate announced they have closed on a $32.5 million construction loan that will finance a portion of the overall redevelopment of the former Roundy’s warehouse in Wauwatosa into a new 250,000-square-foot retail center.
Known as The Mayfair Collection, the development will ultimately be built on more than 1 million square feet and will utilize five existing industrial buildings that were originally built between 1954 and 1967. In addition to financing from U.S. Bank, the City of Wauwatosa is providing more than $7 million in bond/loan proceeds for the project.
“U.S. Bank is thrilled to support such an important project for southeastern Wisconsin,” said Don Pafford of U.S. Bank Commercial Real Estate. “This is an excellent location in a thriving submarket with an established commercial district and a stable surrounding neighborhood. National retailers have wanted to enter the Mayfair area for years but have not had many viable options until now.”
Construction on the shopping center is underway and scheduled to be completed by March 2014.
Chicago-based HSA Commercial Real Estate is a full-service commercial real estate firm that provides development, management, leasing and client services in retail, office, healthcare, industrial and mixed-use properties.