VALUE ADDED BY INTERWEST CAPITAL
Interwest acquired this nonperforming loan in receivership with an absentee borrower over a compressed time period during the holiday season. Further obstacles included a complicated redemption period/foreclosure process and a defunct historic tax credit structure which Interwest restructured to avoid a recapture penalty on behalf of the tax credit investor.
Address
720 N. Old World Third, Milwaukee, WI 53203
Size
108 Apartments
Acquisition Type
Real Estate. Loan. Subsequent foreclosure to fee ownership.
Status
In Portfolio
Description
Originally built in 1913 as a hotel, this 12 story historic building underwent a $23mm gut-renovation to highly-amenitized apartments in 2007. The property is located in the Milwaukee Riverwalk district of downtown.
