MILWAUKEE—U.S. Bank and HSA Commercial Real Estate have just closed on a $32.5 million construction loan that will help finance the redevelopment of a group of obsolete warehouses in suburban Wauwatosa, WI, into an upscale 270,000-square-foot retail power center.
Called The Mayfair Collection, the development will eventually utilize five industrial buildings that were built between 1954 and 1967. In addition to financing from U.S. Bank, the City of Wauwatosa will provide more than $7 million in bond or loan proceeds for the project. Initially, HSA will connect three of the structures with walkways, redo the fronts, the roofs, update all building systems, but preserve their industrial look.
“U.S. Bank is thrilled to support such an important project for southeastern Wisconsin,” said Don Pafford of U.S. Bank Commercial Real Estate. “This is an excellent location in a thriving submarket with an established commercial district and a stable surrounding neighborhood. National retailers have wanted to enter the Mayfair area for years but have not had many viable options until now.”
As reported in GlobeSt.com back in August, HSA already has lease commitments from Nordstrom Rack, Dick's Sporting Goods, SAK's Fifth Avenue OFF 5th, Old Navy and others. The Chicago-based firm broke ground on the project in April, and hopes to complete this first phase by March 2014. The 69-acre site has a total of about 1-million-square-feet of warehouse space.
“HSA is excited to partner with U.S. Bank on the construction financing,” said Tim Blum, executive vice president and managing director of HSA's Retail Brokerage Division. “We greatly appreciate the significant time the City of Wauwatosa, U.S. Bank, and the various third parties have contributed to the success of the project.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
