Wangard closes on financing for East Side apartment project

Wauwatosa-based Wangard Partners Inc. announced that it has closed on the financing for 1910 On Water, the 68-unit apartment building that it plans to build on Milwaukee’s East Side.

Wangard Partners received a loan guarantee from the U.S. Department of Housing and Urban Development (HUD) for $9.6 million in financing for the project.

The 6-story building will be located at 1910 N. Water St., and will be called 1910 on Water. Two vacant homes on the site will be demolished.

The $9.6 million in financing for the project, which will be guaranteed by HUD, will be provided by St. Paul, Minn.-based Oak Grove Capital.

The apartments in the building will range in size from 540-square-foot studios to 1,100-square-foot two-bedroom units. The first two levels of the building will have indoor parking.

The project is expected to be complete in time for resident to move in during the summer of 2012, Wangard Partners said.

The project will create about 200 construction jobs, the company said.

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