Cardinal is proud to be the developer for the new construction of 7Penn Apartments, a 66 market-rate development with commercial space in downtown Sheboygan, Wisconsin. 7Penn has reached a significant milestone in raising equity to finance the project. PNC OpZone Community Development Fund, Inc. is bringing nearly a $7MM investment to allow for the commencement of construction. Cardinal is excited to be amongst the first round of recipients of the PNC OpZone Community Development Fund, Inc.
Federal Home Loan Bank of Chicago announced on November 30, 2018 that it has awarded more than $28.3 million through its Affordable Housing Program to help finance 47 affordable housing projects located primarily in Illinois and Wisconsin.
Development partners Cardinal Capital Management and Journey House were awarded $600,000 of AHP subsidy (to be provided by Associated Bank, National Association) to help finance the development of Clarke Square Apartments.
The new construction project will feature two, three-story buildings on Milwaukee’s south side, across from Clark Square Park. The development will provide an affordable housing option to the community with 10 of its 40 units set aside for youth who have turned 18 and aged out of the foster care system.
The project will have a mix of 21 one-bedroom units, 13 two-bedroom units and six three-bedroom units. In addition, there will be surface and underground parking.
The project has also received financing from WHEDA’s Low-Income Housing Tax Credit program and City of Milwaukee HOME Funds. Construction will commence in Spring 2019.
Middleton Market, a mixed-use development planned for the north side of Middleton, Wisconsin, will feature two apartment buildings on its site. The development will offer 263 market-rate housing options. Residents will be able to select from 200 apartments which consist of one, two and three-bedrooms and 63 two-story lofts which consist of one and two-bedrooms.
Anchoring the project will be a European-style Food Hall and Market. The Market will feature a series of stalls and shops offering high quality, chef-driven prepared foods, make at home food supplies and other related products with a wide range of diversity.