National City Bank said Monday that the National City Community Development Corp. is investing $4.8 million in the Blue Ribbon Loft Apartments located on the former Pabst Brewery site being redeveloped by local Milwaukee developer Joseph Zilber.
“This project, both historic and sustainable, represents the key to the rebirth of this neighborhood,” said Zilber in a press release from National City. “The combination of Gorman & Co. and National City Bank made it possible.”
The $15.8 million Blue Ribbon Loft Apartments project at The Brewery combines the use of Federal Low Income Housing Tax Credits, Federal Rehabilitation Tax Credits and Wisconsin State Historic Credits.
Located at 901 W. Winnebago St., the 95-unit Blue Ribbon Loft Apartments will be redeveloped as a mixed income apartment building, affordable to families and individuals making 50 or 60 percent of area median income. Construction is expected to begin this summer.
National City Bank (NYSE: NCC), based in Cleveland, has two dozen branches in the Milwaukee-area and is the region’s fifth-largest bank.