The Laacke & Joys Building in Milwaukee, WI was a brownfield former manufacturing facility converted to an office complex using a capital stack including PACE Equity financing.
PACE Equity was engaged to assist with the redevelopment of the former Laacke & Joys Building on Milwaukee’s riverfront into new construction offices. This project is the first of its kind in the country, a new construction office PACE project.
The building will be anchored by Bader Rutter, an award-winning marketing and public relations agency. The building will serve as Bader Rutter’s headquarters, with their relocation from the Milwaukee suburbs, to downtown.
The project represents an over $30M investment to a former brownfield manufacturing site. The PACE Equity portion of the project includes approximately $2M, or roughly 7%, of the total development costs. The overall financing package of 10 different sources included New Market Tax Credits, City of Milwaukee TIF, mortgage financing from Tri-City National Bank and PACE Equity.
PACE Equity works with any capital stack, as shown in this case study. By using PACE Equity financing in addition to other funding over and above banks and other capital options, Wangard Partners - the development group - was able to complete their financing the project and break ground.