Baker’s Place in Madison sells for $37 million to Chicago asset manager

Baker’s Place, a recently completed mass timber apartment building in Madison, has sold for more than $37 million, state records showed. The building’s developer is dealing with more than $15 million in liens for alleged unpaid work in Madison and Milwaukee after construction on another one of its projects halted last fall.

Bakers Place SPE LLC, an affiliate of Madison-based Neutral, sold the 209-unit multifamily development to Bakers Place Acquisition LLC for more than $37.2 million, according to the Wisconsin Department of Revenue.

Bakers Place Acquisition LLC shares an address with Chicago-based asset manager Altitude Capital Partners.

The deal closed March 31.

Nate Helbach, founder of Neutral, did not immediately respond to a request for comment.

In 2023, Neutral secured more than $73.8 million in construction financing for Baker’s Place, according a press release. The project wrapped up in spring 2025.

The developer faced more than $15 million in liens from Fond du Lac-based C.D. Smith Construction and a handful of suppliers and subcontractors that helped deliver Baker’s Place. The apartment building moved in tenants in spring 2025.

In November, C.D. Smith filed a more than $10.15 million lien against a Neutral affiliate for alleged unpaid work on The Edison, a 31-story mass timber apartment building in downtown Milwaukee. The contractor left the site in September 2025.

The contractor also filed a more than $4.1 million lien against Neutral for alleged unpaid work at Baker’s Place. The lien has been paid in full, according to a court record posted April 7.

A lawsuit C.D. Smith filed against Neutral in March, seeking a foreclosure sale of the Milwaukee project site, remains open.

City officials said The Edison faces a $25 million funding gap.

Since the contractor walked off the site, Neutral officials cited tariffs and inflation for driving up the cost of construction.

Developer pays down liens after sale

After the sale, Neutral paid some liens to C.D. Smith and a handful of subcontractors that worked on Baker’s Place.

On April 2, the developer paid liens for $256,971 to Klein-Dickert Milwaukee Inc. and $189,376 to Sergenian’s Floor Coverings Inc. On Tuesday, the developer paid liens for $24,000 to Terra Engineering & Construction Corp. and $44,066 to Sign Art Studio LLC. A lien from Angus-Young Associates Inc. for $77,464 was released, according to court records.

As of publication, another lien from Bachmann Construction for $168,282 remains unpaid.

The $10.15 million lien for C.D. Smith in Milwaukee also remains unpaid.

Around 90 of the 206 units in Baker’s Place are still available for rent. The building has been open for nearly a year.