National City Bank announced today that the National City Community Development Corp. is providing $4.8 million in financing for the Blue Ribbon Loft Apartments at the former Pabst Brewery site being redeveloped in Milwaukee.
The $15.8 million Blue Ribbon Loft Apartments project combines the use of Federal Low Income Housing Tax Credits, Federal Rehabilitation Tax Credits, and Wisconsin State Historic Credits.
The Pabst project is being developed by Joseph Zilber, founder of Zilbert Ltd. and Towne Realty.
“This project, both historic and sustainable, represents the key to the rebirth of this neighborhood. The combination of Gorman & Company and National City Bank made it possible. I thank them for their efforts,” Zilber said.
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 the area’s median income.
Construction is expected to begin this summer.
“Investing in our community by helping redevelop neighborhoods and stimulating economic growth is one of National City’s most important roles,” said Beth Wnuk, president of National City-Wisconsin Banking. “We are proud to team with such visionary leaders as Joseph Zilber and Gary Gorman on National City’s first community development project in Milwaukee.”
The Blue Ribbon Loft Apartments will be unique in their style and will incorporate Gorman & Company’s signature “live well/work well” concept that caters to the “creative class,” encouraging resident entrepreneurship through numerous amenities, including an education and business center, music and painting studios, a metal/wood shop, gallery and networking space.
Other Gorman developments include the Garton Toy Factory Lofts, Historic Fifth Ward Lofts, Majestic Loft Apartments and Old Moline High School Lofts, many of which demonstrate the commitment to Gorman’s vision of an affordable residential community where artists can live and work.
“With an established, rich history of community development, we are pleased that National City recognizes the affordable, unique housing opportunities in Milwaukee,” said Gary Gorman, principal of Madison-based Gorman & Company. “National City’s investment demonstrates their commitment to the improvement of life in our city.”
National City, headquartered in Cleveland, Ohio, is one of the nation’s largest financial holding companies.