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.
On Friday, May 3, 2019, Cardinal in partnership with Journey House, joined local, state and federal officials, as well as investors and the community to celebrate the groundbreaking of Clarke Square Apartments, which is composed of two three-story buildings with 40 apartments.
Clarke Square Apartments is the result of a partnership between Cardinal Capital Management and Journey House. “Clarke Square Apartments is Cardinal's ninth supportive housing project in Milwaukee County. Each project is unique, created in partnership with city, county, state officials as well as community partners like Journey House, and local and national financial partners. We are blessed to work with such talented and mission driven people. In addition to all these organizations, we thank Milwaukee Continuum of Care, a group that has done so much to keep focus on those most in need,” said Erich Schwenker, president of Cardinal Capital Management.
The development will provide a set aside for youth who have turned 18 and aged out of the foster care system. Clarke Square Apartments will have a mix of 20 one-bedroom units, 14 two-bedroom units, and six three-bedroom units. In addition, there will be surface and underground parking. According to Journey House CEO Dr. Michele Bria, “This high quality, affordable housing is an investment in a continued focus on increasing the quality of life in Clarke Square Neighborhood and a welcome addition to our great neighborhood where children and families can play, learn, shop, worship, and live. We are grateful to all the partners who came together to make this happen.”
The $8.5 million development received financing from Wisconsin Housing and Economic Development Authority, Associated Bank, Boston Capital, Federal Home Loan Bank of Chicago and the City of Milwaukee Home Funds.
The architects are Dimension IV Madison Design Group. Cardinal Capital Management is the General Contractor. The project is expected to be complete in early 2020.
Cardinal Capital Management, Inc. in partnership with Journey House is pleased to announce the start of construction on Clarke Square Apartments.
The $8.5 million new construction project will feature two, three-story buildings on Milwaukee’s south side, across from Clarke 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 20 one-bedroom units, 14 two-bedroom units and six three-bedroom units. In addition, there will be surface and underground parking.
Clarke Square Apartments are being developed with financing from WHEDA, Associated Bank, Boston Capital, Federal Home Loan Bank of Chicago and the City of Milwaukee HOME Funds.
Construction will commence in spring 2019 with leasing to commence later in the fall.
For project updates, please visit Journey House’s website at http://www.journeyhouse.org/housing.html
About Cardinal Capital Management, Inc.
Cardinal Capital Management, Inc. is a social impact development company based in Milwaukee, Wisconsin and responsible for approximately 10,000 units of housing across the United States, predominantly in the Midwest.
About Journey House
Journey House empowers families on Milwaukee’s near Southside to move out of poverty by offering adult education, youth development, workforce readiness and family engagement.
We would like to share with you the impact of Cardinal’s innovative social housing solutions through Jimmy’s story, a resident of Journey Home.
Journey Home is a 30-unit permanent, supportive housing project for homeless families and individuals. Journey Home first opened its doors in June 2018 and within 72 hours each apartment had been leased. The 3-story development is the first homeless housing project built in a rural Colorado community. Combining housing with access to support services, Journey Home also connects residents with case management, mental health treatment and vocational training.
Journey Home is the result of a unique partnership between Cardinal Capital and Loaves & Fishes Ministries of Fremont County.
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.