(Milwaukee) PACE Equity, the leading CPACE (Commercial PACE) project developer and funder of CPACE projects on a national basis, announces the PACE funding of a new construction office development in Milwaukee, WI.
The project is a 110,000 SF Class A new construction project and partial adaptive reuse office building, which is being developed by Wangard Partners, Inc. 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 $30,000,000 investment to a former brownfield manufacturing site. The PACE portion of the project includes approximately $2,000,000, or roughly 7%, of the total development costs. The overall financing package included New Market Tax Credits, City of Milwaukee TIF, mortgage financing from Tri-City National Bank and PACE Equity.
“It’s always exciting to see a great project come to fruition in our hometown, however, it’s even better to see PACE history being made here,” said Beau Engman, PACE Equity Founder & President. “This is the first new construction office building that PACE has been involved with and the funding enabled the building to be highly sustainable and makes strong economic sense.”
The building’s sustainable features include: geothermal, PV solar, LED lighting and double pane windows. A portion of which were funded by PACE Equity.
“PACE Equity moved quickly after receiving a New Market Tax Credit allocation,” said Stewart Wangard, Chairman and CEO of Wangard Partners. “This project is a great win for us and the community.”
“We pioneered the first new construction PACE project in the county, which was a hotel. Additionally, we have now completed new projects in the multifamily and office markets. We look forward to continuing to work with the development community to help make even more projects come to fruition,” commented Beau Engman.