Wimmer Communities has received $ 26.2 million in funding for its recently completed 138-unit Poplar Creek Club community in Brookfield, Wisconsin.
NorthMarq secured the Freddie Mac loan on behalf of Wimmer with a loan-to-value ratio of 75%. The 10-year fixed rate mortgage has five years of interest-only payments and a 30-year amortization period. The proceeds from the financing will repay a $ 22.6 million construction loan granted by Associated Bank in 2017, according to data from Yardi Matrix.
The property is located at 20200 Poplar Creek Parkway, 12 miles west of central Milwaukee, near the junction of Interstate 94 and Route 18. Consisting of one and two bedroom units on a single site Spanning nearly 4 acres, Poplar Creek was delivered in December 2019. The four-story building includes 143-space underground parking as well as 4,544 square feet of retail space.
The central common area of the residential building offers amenities such as a clubhouse, fitness center, yoga studio and outdoor swimming pool. Unit floor plans range from 849 to 1,234 square feet and include 9 foot ceilings, built-in washers / dryers, patios or balconies, and gas fireplaces.
Brett Hood, senior vice president of NorthMarq’s Chicago office, closed the deal. Earlier this year, NorthMarq also Funding Freddie Mac originally for the buyer of a 116 unit property in Glendale, Arizona.