Celebrating the Financial Closing of Atrium Lofts
MetroPlains has just closed financing for a new development in Wausau, Wisconsin! Atrium Lofts will provide 29 apartments for families, including seven for disabled tenants. Restricted units will be affordable at 30% to 60% of the Area Median Income. The riverside building is historically significant, representing the early twentieth century industry. The building was used for creation of products such as paper bags and shoes, and most recently was used as a warehouse. Many historic design elements will be preserved and the development will have a green building emphasis.
The Atrium Lofts development will receive $4.36 million of construction financing and $686,848 of permanent financing from the Wisconsin Housing and Economic Development Authority. Additional permanent financing includes $500,000 of HOME funds from the Wisconsin Department of Administration, a $114,000 loan from the City of Wausau, and $1.03 million of proceeds from the state Historic credit through the Preservation Alliance of Minnesota. Enterprise will provide $3.83 million of equity.