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North side complex to be remodeled

A 66-unit apartment complex on Milwaukee’s north side would be remodeled with city financing assistance under a proposal to be considered Thursday.

Sherman Gardens Apartments, with three buildings at 5900 N. Sherman Blvd., would be sold to Gorman & Co., which would renovate the buildings and rent the units to low- and moderate-income tenants.
City bond financing of $3.25 million, which the Redevelopment Authority is to consider at its Thursday meeting, is being sought for the project.

The authority would sell bonds to provide a loan for the project. The authority would not be liable for repaying the loan. Its role in issuing tax-exempt bonds allows Gorman to borrow at a lower interest rate from investors who purchase the bonds.

Gorman also is seeking affordable-housing tax credits to help finance the project, said Chris Laurent, the company’s Wisconsin market president. Those federal tax credits are given to development companies that agree to provide some of their apartments at below-market rents to low- and moderate-income tenants.

Gorman plans to buy the apartments in July and then begin renovations. The work should be completed by early 2009.
The company, based in the Dane County city of Oregon, has developed several apartment buildings in the Milwaukee area. Its current projects include the 95-unit Blue Ribbon Lofts, which are being created in a building at the former Pabst brewery complex. Some of those units could be ready by December, Laurent said.