U.S. Bank and Prairie Management & Development recently closed on a $10 million tax-exempt loan that will help finance the acquisition and renovation of Bradley Townhomes, a 232-unit apartment property on the northwest side of Milwaukee.
Bradley Townhomes was constructed in 1968, and will be renovated by the new owner, Bradley Place Townhomes, LLC. The property features one-, two- and three-bedroom apartments, most of which are townhouse units featuring separate entrances, full basements and front-lawn areas.
“Bradley Townhomes is a very good housing idea and, thanks to the profound cooperation of the people from the city of Milwaukee, Wisconsin Housing and Economic Development Authority, the U.S. Department of Housing & Urban Development and U.S. Bank, this good idea can become a reality,” said Tony Augustine of Prairie Management & Development Inc.
Across the country, public-private partnerships between development organizations like Prairie Management & Development; investors and lenders like U.S. Bank; state housing agencies and other governmental entities such as the WHEDA and the city of Milwaukee; create more than 100,000 units of affordable housing annually and have created more than 2 million affordable housing units nationally since 1987.
“At U.S. Bank, we take great pride in strengthening our communities and empowering those who live and work in them,” said Craig Mizushima, Midwest regional manager for U.S. Bank Community Lending. “We’re proud to have partnered with Prairie Management & Development to help make this project financially feasible. Bradley Townhomes provides affordable living options for working families right here in Milwaukee.”
The renovation of Bradley Townhomes is underway and will be completed over the next two years.
Chicago-based Prairie Management & Development Inc. is owned by Anthony Augustine and Paul Levy, who have worked together since 1973. The company manages more than 3,500 units of both affordable and market-rate apartments.
