At a glance
- The loan refinanced the property's existing construction debt for sponsors Weas Development and Klein Development.
- The loan works out to roughly $226,000 per apartment unit.
- Tennessen Flats was completed in 2025 and includes three four-story apartment buildings plus the two standalone retail buildings, about 15 miles northwest of downtown Milwaukee with access to Interstate 41 and US Route 45.
JLL arranged a $39.1 million floating-rate construction takeout for Tennessen Flats, a 173-unit apartment property in Menomonee Falls, Wisconsin, according to Connect CRE.
Argentic is the lender. The loan refinanced the property's existing construction debt for sponsors Weas Development and Klein Development. Terms beyond the loan amount were not disclosed.
The loan works out to roughly $226,000 per apartment unit. That figure excludes the two retail buildings, which total 15,360 square feet. For debt allocators, that is a per-unit takeout marker for a completed suburban Milwaukee project. The floating-rate structure leaves the sponsors holding the rate exposure rather than fixing a coupon at completion.
Tennessen Flats was completed in 2025 and includes three four-story apartment buildings plus the two standalone retail buildings, about 15 miles northwest of downtown Milwaukee with access to Interstate 41 and US Route 45.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections