Fully leased: Wait list growing for high-rise west of Milw. River

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MILWAUKEE (WITI) — The 30-story Moderne high-rise building going up along Milwaukee’s riverfront is now fully leased — and only six condo units remain available for purchase.

That word comes from developer Rick Barrett of Barrett Visionary Development. The announcement comes ahead of schedule and just three years after breaking ground on the tallest building west of the Milwaukee River.

Right now, leases have been signed for 187 of the 203 apartment units at the building – exceeding the 92 percent occupancy considered full capacity as defined by financial underwriting. There are only a handful of apartments remaining available, which are anticipated to be rented by June.

The project was funded, in part, through a $42.4 million loan guaranty by the U.S. Department of Housing and Urban Development, which also backed loans by the AFL-CIO Housing Investment Trust and other investors processed through Berkadia Commercial Mortgage, subsidiary of Berkshire Hathaway.

moderneThe City of Milwaukee also played a key role in the project’s success by providing a $9.3 million loan. Today, the former parking lot site generates more than $1.2 million in annual property tax.

The Modern is located on the southwest corner of Old World 3rd St. and Juneau Ave. in the Park East. It includes 203 market-rate rental units on its first 27 floors, in addition to fourteen condominiums on its upper flowers. The ground level includes over 7,000 square feet of commercial and retail space, including Carson’s Ribs, as well as above-grade parking.