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Mandel nets $24 million from WHEDA for North End project

(Rendering courtesy of WHEDA)

(Rendering courtesy of WHEDA)

The Wisconsin Housing and Economic Development Authority has announced that it will finance the proposed second phase of its North End, located in Milwaukee’s Park East Corridor along the Milwaukee River.

The project’s developer, Mandel Group Inc., will receive $24.1 million in financing from WHEDA to construct two, five-story apartment buildings with 155 units of rental housing.

The second phase will mark WHEDA’s first use of money under the Midwest Disaster Area Bond program, which is issued through the Heartland Disaster Tax Relief Act of 2008 to aid in recovery after severe storms and flooding. The program requires the property to set aside 20 percent of its units for low- and moderate-income residents.

Specifically, 31 apartment units in North End will be set aside for households at or below 60 percent of Milwaukee’s County median income.

The North End, a multi-phased $175 million housing and commercial development, began construction in 2008 with phase one, a five-story apartment building with 83 apartments and 12,000 square feet of first-floor neighborhood retail space.

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