ORIX Real Estate Holdings (ORIX USA) announced the closing of a $40 million construction loan that will be used to build a 263-unit mixed use multifamily project with 31,000 square feet of ground floor commercial space in Middleton, Wisconsin. The sponsor plans to complete the project by February 2021, and the project will serve the entire Greater Middleton market.
The property’s 263 units will be housed in two structures and divided between two general designs – standard one-floor apartments and two-story lofts. The developer will incorporate several unique “green” amenities, including solar photovoltaics, rainwater reuse, integrated smart technologies and energy efficient lighting as well as efficient heating and water fixtures.
The unit mix consists of 120 one-bedroom, 51 two-bedroom, 29 three-bedroom, 42 one-bedroom loft-style, and 21 two-bedroom loft-style apartments. Additionally, smart home technology utilizing Amazon Alexa or similar devices will allow residents to customize their apartments with pet cameras, smart lighting, remote climate control and door lock control. The commercial space will be divided into two distinct concepts – a food hall in one building and there will be six commercial spaces available in the other.
“This was an excellent opportunity to provide mixed use multifamily housing in an area with increasing demand and constrained supply,” said Ron Lawrie, Managing Director for ORIX Real Estate Holdings and the originator on the transaction. “We are delighted to have involvement in this well designed development and look forward to funding more developments in this area and with the sponsor.”