Officials from HSA Commercial Real Estate today announced that the firm recently closed a $49 million construction loan with U.S. Bank in cooperation with The PrivateBank for Phase I of The Mayfair Collection, a large-scale, mixed-use development at Highway 45 and Burleigh Street in Wauwatosa, Wis. Phase I of the project will consist of adaptively repurposing functionally obsolete warehouse buildings along Highway 45 into new, contemporary retail environments to be occupied by Nordstrom Rack, Dick’s Sporting Goods, Saks Fifth Avenue Off 5th, Old Navy, and more.
The loan was completed by Minneapolis-based U.S. Bank, and the largest syndicating “club” partner for the financing was Chicago-based The PrivateBank. In addition to the construction loan, the City of Wauwatosa is providing more than $7 million in bond/loan proceeds for the project.
“U.S. Bank is thrilled to support such an important project for southeastern Wisconsin,” said Don Pafford of U.S. Bank Commercial Real Estate. “This is an excellent location in a thriving submarket with an established commercial district and a stable surrounding neighborhood. National retailers have wanted to enter the Mayfair area for years but have not had many viable options until now.”
“HSA Commercial is a long-time valued client of The PrivateBank, and we are pleased to be helpful on this exciting project,” said Karen Case of The PrivateBank.
Construction on The Mayfair Collection is already underway with a grand opening scheduled for April 2014.
“HSA is excited to partner with U.S. Bank and The PrivateBank on the construction financing,” said Tim Blum, executive vice president and managing director of HSA Commercial Real Estate’s Retail Division. “We greatly appreciate the significant time and effort the City of Wauwatosa, U.S. Bank, The PrivateBank, and the various other stakeholders have invested in the success of the project.”