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MILWAUKEE-Nick V. Gouletas' Chicago-based NVG Residential is moving north, buying the 275-unit Landmark on the Lake in Milwaukee with plans to convert the 28-story building to condominiums. Corus Bank is financing the project with a $51.2-million loan.
Units at Landmark on the Lake, 1660 N. Prospect Ave. on the city's East Side, are expected to average $325,000, and range from $200,000 to $700,000. The unit mix ranges from 685-sf one-bedroom units to 3,015-sf three-bedroom units.
Gouletas' recent projects in Chicago are the 2000 North Lincoln Park West and Clark Place buildings in the Lincoln Park neighborhood. Although the East Side and Brady Street area share similar demographics to one of Chicago's conversion hot spots, the trend is relatively new to Milwaukee, Gouletas notes. "A recent resurgence of home sales in Milwaukee has prompted property values across the city to skyrocket," he adds.
Corus Bank senior vice president John R. Markowicz indicates the financing involves a non-recourse mortgage as well as outside mezzanine debt. New York-based Terra Capital Partners provided the mezzanine debt on behalf of Rubicon Mezzanine Loan Fund.
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