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A $72,000 acquisition loan from LISC allowed Joe Dahl of Metro Milwaukee Management to complete renovations and put this unique mixed-use building back on the market in the heart of the Martin Luther King Drive Business Improvement District.
After being turned down by several commercial lenders, Joe Dahl didn’t give up. This was a small project with unique architectural elements and private garden space just off King Drive. Because the project was located in one of its target neighborhoods, LISC seized the opportunity to support broader revitalization efforts.
With LISC as the lender, Joe Dahl of Milwaukee Metro Management completed the renovation of this 5000 square foot residential and commercial space in the heart of the Martin Luther King Drive Business Improvement District. The property also includes .15 acres of green space. The property and gardens were developed with 65% recycled material and supplies reclaimed from 75 neighborhoods across Milwaukee. The result is a highly functional and commercially viable space with unique artistic and historical interest.
When Tina Anderson and Sherry Webb were working on their project for a Marquette University real estate class, they found a site on Milwaukee's south side for a new development to provide quality, affordable housing in the area. Once the class ended, Anderson and Webb talked to their instructor, developer Bob Lemke, about joining them in pursuing their project.
The developers - Lemke, Anderson/Webb and nonprofit developer Impact Seven - put up $175,000 to cover predevelopment costs. About $5 million of the project's $6.1 million in financing would be raised by obtaining federal tax credits. Mitchell Street Lofts sold its credits through LISC Milwaukee to Chase Bank, which provided a construction loan. Additional financing included state and federal grants, and other funds to clean up the lot's environmental contamination.
This development provides 24 rent-to-own apartment homes with quality amenities, a state-of-the-art community room, a living roof, indoor parking, and a year-round farmers’ market operated by local nonprofit Growing Power to offer healthy food options to residents and visitors.
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