Irgens Secures $71 Million First Mortgage Loan Commitment for 833 East

02.11.2014

Milwaukee – 833 Development Partners, LLC, an Irgens’ affiliate, has secured a $71 million first mortgage loan commitment from a consortium of lenders for the development of 833 East, the planned 17-story, LEED-certified Class A multi-tenant office tower in downtown Milwaukee. Leading the banking group are The PrivateBank and Associated Bank, who will each provide $24 million in financing. Bank Mutual and Anchor Bank will also be loan participants, providing $11.5 million each.

 

“Associated Bank and The PrivateBank got the job done for us by working with lenders we have successfully partnered with in the past and who understand and appreciate our development execution and capabilities,” said Duane Nolde, Executive Vice President/CFO of Irgens.

 

Construction of 833 East is anticipated to start in April. Last week, Irgens acquired approximately 1.0178 acres of land from U.S. Bank for the development. Irgens continues to work with Colliers Wisconsin to fulfill the pre-leasing commitments required to begin construction.

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