HSI Properties recently closed on a U.S. Department of Housing and Urban Development 221(D)(4) financing package for The Enclave, 152-unit market-rate apartment development that will be built at 1234 N. 62nd St. in Wauwatosa.
HUD is providing a loan guarantee for a $20 million loan from Grandbridge Real Estate Capital. The other $5 million in financing for the project will be provided by equity investors. Demolition is nearly completion for the vacant industrial buildings on the site. Construction of the apartment complex is expected to begin in early May. The project is expected to be complete by May of 2012.
