04 Nov Mandel Group finances 197-unit housing development at Research Park
Posted at 14:32h
in URP News
Milwaukee developer Mandel Group announced Tuesday it has completed assembling a $65 million financing package to construct Element Collective, a 197-unit workforce housing development located in University Research Park.
The development will have a wide range of income-based rental rates.
“Element Collective has been a long journey for us,” Robert B. Monnat, senior partner for Mandel, said in a statement. “After developing huge momentum in 2019, we were stymied first by Covid and then by the combined impacts of inflationary construction costs and prohibitively expensive costs of borrowing.”