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Former Catholic school in St. Francis being converted to apartments

Land and Space

Journal Sentinel business reporter Tom Daykin talks about commercial real estate and development.

Aug. 19, 2010
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By Tom Daykin of the Journal Sentinel

Aug. 19, 2010 0

Work is to begin this fall on converting a former Catholic school in St. Francis into 68 apartments for seniors.

The former school of the Sacred Heart of Jesus Parish, 3635 S. Kinnickinnic Ave., will house 22 apartments, with another 46 units to be built within an addition that will extend into the parish parking lot, said Novi,  Mich., developer Doug Stratton.

Stratton and his partners are buying just the former school portion of the building, with the parish retaining ownership of the church. The sale is to close by Sept. 30, and work will begin immediately after that occurs, he said.

The apartments are to be completed by late 2011.

The $10 million project is being partly financed with federal affordable housing tax credits. Developers that receive those credits sell them to raise equity financing.

In return, they agreed to lease apartments to renters making no more than 60% of their area's median income. In the Milwaukee area, that amounts to $34,140 for a two-person household.  

The Sacred Heart project will have apartments with monthly rents ranging from $613 for a one-bedroom unit to $840 for a two-bedroom unit, said Michael Lerner, a consultant to the developers.

The developers, operating as Sacred Heart Partners LLC, also received a $1.75 million federal grant, awarded by the Wisconsin Housing and Economic Development Authority. Boston Capital bought the tax credits, and Citi Bank is providing the construction loan for the rest of the financing, Stratton said.

The project will put a portion of the Sacred Heart building on the property tax rolls, Mayor Al Richards said.

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About Tom Daykin

Tom Daykin covers commercial real estate and development.

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Commercial Real Estate News

Helpful Links and Resources

Check the Milwaukee Assessor’s Office website, which includes tools to look up property assessments.

Find property assessments for other communities throughout the state at AssessorData.org.

The Milwaukee Department of City Development website includes information on the city Plan Commission and Redevelopment Authority.

The Commercial Association of Realtors Wisconsin offers information on commercial realtors and real estate.

The Milwaukee chapter of the Institute of Real Estate Management serves the needs of real estate management professionals

The Wisconsin chapter of the NAIOP Commercial Real Estate Development Association aims to serve developers and owners of commercial real estate.

Awards

The Land and Space blog was recognized by the Society of American Business Editors and Writers in the blog category for dailies with circulation between 200,000 to 500,000.

The judges said, "Daykin’s aggressive reporting and accessible, explanatory writing make him a must-read for his tight-knit and highly engaged audience."


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