New Community Will Bring High-Quality, Affordable Housing to Milwaukee
Cinnaire recently joined the development team, community leaders and local residents to celebrate the groundbreaking for SEVEN04 Place, a new affordable housing community in the Walker’s Pointe neighborhood of Milwaukee. SEVEN04 place features a mix of one-, two- and three-bedroom apartments, including 46 units of affordable housing and 14 units dedicated to providing supportive housing for military veterans. Cinnaire, thru a strategic partnership with UnitedHealthCare and the Minnesota Equity Fund, provided a $6.3 million Low Income Housing Tax Credit (LIHTC) investment to support the new development.
Developed by Impact Seven and Rule Enterprises, SEVEN04 Place received a tax credit allocation from the Wisconsin Housing and Economic Development Authority (WHEDA) as well as $3.2 million in loans and mortgage financing from the agency. The City of Milwaukee; the U.S. Department of Housing and Urban Development; IFF and the Federal Home Loan Bank of Chicago (FHLBank Chicago); Wisconsin Economic Development Corporation (WEDC); and NeighborWorks contributed $2.2 million in additional funding.
“Cinnaire continues to be a steadfast supporter of the ACRE Program and its role in connecting talented and motivated students like Brandon with Milwaukee development opportunities,” said Mark McDaniel, Cinnaire president & CEO. “Partnerships with Impact 7 and others developers have been critical to the success of communities like Seven04. The Associates in Commercial Real Estate (ACRE) Program is an industry-supported initiative that recruits and retains people of color for careers in commercial real estate.”
Impact Seven will manage SEVEN04 Place, which will feature on-site amenities such as a multipurpose community lounge, fitness room, on-site property offices, surface parking, indoor bike and resident storage, and washers and dryers in each unit. The new community will be accessible to public transportation, located within blocks of multiple Milwaukee County Transit System bus stops and a 10-minute bike ride to downtown Milwaukee.
Rule Enterprises is led by Brandon Rule, who grew up in nearby Clarke Square and is a graduate of the Associates in Commercial Real Estate (ACRE) Program, an industry-supported initiative that recruits and retains people of color for careers in commercial real estate. The goal of ACRE is to expand minority representation in the commercial real estate fields of development, property management, and construction management. Impact Seven is one of the largest nonprofit developers of affordable housing in Wisconsin, having developed over 2,000 rental housing units since 1980.
