February 12, 2018
Irgens secured an $80-million non-recourse loan for 833 East Michigan, a 359,000-square-foot office building in Milwaukee, WI. Proceeds of the loan, provided by PGIM Real Estate Finance, were used to refinance the LEED Silver certified, Class A+ central business district property’s existing construction debt.
Opened in 2016 and 17 stories tall, the lakefront property is one of the newest additions to the city’s skyline and is the first significant multi-tenant office development in downtown Milwaukee in nearly a decade. The property is part of a collection of six office and hotel buildings positioned around the U.S. Bank Center, all of which are connected physically by skyway or tunnels.
Walker & Dunlop’s Jim Cope and Andrew Schoene structured the three-year, interest-only loan. The loan will also provide the sponsor with funds for future tenant improvements and leasing commissions, as the building continues towards stabilized occupancy.
For comments, questions or concerns, please contact Dennis Kaiser