Executive Summary

Milwaukee has a rich industrial past that played a significant role in shaping its identity and economy. The City’s industrial development can be traced back to the mid-19th century when it became a hub for manufacturing, particularly in brewing, tanning, machinery, and heavy industry. Located in the popular arts district, Walker’s Point, and adjacent to the most sought-after neighborhood in Milwaukee known as the Third Ward, the Lindsay & Walsh buildings offer investors a rare opportunity to take advantage of nearly $20 million in available State & Federal tax credits intended for rehabilitation of historic assets, to facilitate the adaptive reuse of two well-maintained historic warehouse buildings1 to be converted into a progressive multifamily project with an artisanal-meets-architecture bent in the highest-demand housing location in Milwaukee within walking distance to the Milwaukee Central Business District.

The Lindsay Bros Building was constructed in 1892 in the Romanesque Revival design style by its namesake brothers as a tribute to their highly successful agricultural manufacturing business, according to the Wisconsin Historical Society. The Walsh Building, which has the same architectural style, was built in 1899 and served as John Deer’s headquarters for decades. Together, these two Creamy City Brick edifices occupy an entire block as landmarks to the City’s rich industrial tapestry. Whitecap is working alongside the nearly 4-decades tenured owner on an adaptive reuse strategy that will reactivate the buildings as 235 apartments within striking distance to popular retail and major employment.

Development Overview

The Project will feature 235 units averaging 763 square feet across the two properties, connected by a 5-story light corridor. Each unit offers sophisticated design, market leading finishes and an extensive amenity package all located within Milwaukee’s Walker’s Point neighborhood, adjacent to the Third Ward. The Project will be well-parked with approximately 235+ rentable stalls (plus additional visitor spaces).

Investment Opportunity

The Sponsor is seeking investors to join this best-in-class Team by contributing equity towards the overall Project Equity Requirement of approximately $13,100,000 alongside the Sponsor, who intends to contribute approximately 5% equity to the venture. The Project is expected to generate for the investors approximately 22.5% LIRR, 3.3x equity multiple and 10.8% cash-on-cash post-refinance.

Project Overview

The Lindsay Bros & Walsh Buildings represent an extremely unique opportunity to redevelop, as a State and National historic tax credit adaptive reuse project, two large historic buildings occupying an entire block on 2nd Street ideally located on the northern border of Walker’s Point immediately adjacent (a short walk) to the highest barrier-to-entry housing market in Milwaukee (Third Ward) along with Milwaukee’s Central Business District, giving future residents a welcomed sense of community and respite from the city center while affording them the convenience of close proximity to employment and surrounding amenities.

The Project promises a competitive advantage to investors and future residents given the compelling benefit from approximately $20 Million in qualified Historic Tax Credits that will be sold to a tax credit investor leading to an equity windfall for the Project, a shorter construction period and lower budget as a direct result of repurposing well-maintained buildings (in contrast to a ground up project), along with the Sponsor’s ability to deliver future residents intrinsic value of an artisanal housing alternative to the mainstream new construction that has become pervasive in the marketplace. Further, at a time when residents and lenders are making the choice to support projects that embrace environmental stewardship, the strategic adaptive reuse of the Lindsay Bros & Walsh Buildings represents the greatest form of sustainability by breathing new life into an entire square block of well-conceived historic buildings clad in Milwaukee’s famous “Cream City Brick,”which is locally sourced in the Menomonee Valley.