Sheboygan Falls, Wisconsin, August 29, 2025
News Summary
Marcus & Millichap Capital Corporation arranged an $8.7 million construction loan to finance Marshview Apartments, a new 48‑unit multifamily community in Sheboygan Falls. The ground‑up project consists of four low‑rise buildings with 12 two‑bedroom, two‑bath units each, private entry and attached single‑car garages. The five‑year loan carries a fixed 6.2% rate with 30 months of interest‑only payments before converting to a 30‑year amortization and a reported 77% loan‑to‑cost. Sheboygan County provided $1.2 million in TIF support. Construction is underway and the team will proceed through site work, vertical build and interior finishes.
Marshview Apartments secures $8.7M construction loan for 48-unit build in Sheboygan Falls
A regional lender provided an $8.7 million construction loan for a new 48-unit apartment community planned near the intersection of Wisconsin Highways 23 and 32 in Sheboygan Falls. The financing was arranged by a capital markets team based in Milwaukee on behalf of a local development and management firm that began construction this summer.
Top-line financing and schedule
The loan is structured as a five-year facility with a fixed interest rate of 6.2%. The first 30 months of the loan carry interest-only payments, after which the debt will convert to a standard 30-year amortization schedule. The loan-to-cost ratio for the financing is 77%. Lenders and the borrower expect construction to take roughly 12 months, with the loan set up to provide interest-rate protection through the full term and to align with projected construction and initial lease-up timing.
Project overview
The ground-up development, called Marshview Apartments, consists of four separate buildings with 12 units each, totaling 48 apartments. All units are planned as two-bedroom, two-bath layouts with unit sizes ranging from approximately 1,230 to 1,300 square feet. On-site parking will be surface stalls, with about 114 spaces planned, and select residential features include private direct entry, attached single-car garages, and a private patio or balcony for each unit. Shared building amenities will include laundry facilities.
Development, construction and professional team
The developer is a Mequon-based multifamily firm that broke ground in August 2025. Construction management will be led by a Waukesha-based general contractor, and the project team includes an architecture firm that produced the design renderings, a civil engineering firm, and outside legal counsel. The local economic development agency supported the proposal with a tax increment financing package valued at $1.2 million, which will be distributed to the developer over a 10-year period.
Market context and rationale
The developer cited low vacancy rates and limited new apartment supply in the county as key drivers for the project. The area’s employment base includes several large employers that provide workforce stability and potential renter demand. The combination of relatively large two-bedroom units and attached garages targets households seeking rental alternatives to single-family housing.
Why this loan structure
Lenders and the borrower selected the financing package to bridge the construction period and initial stabilization while managing interest rate exposure. The interest-only period during construction reduces early carrying costs, and the multi-year fixed rate provides predictability during lease-up. With a 77% loan-to-cost metric, the financing covers a substantial share of development outlays while requiring sponsor cash and/or equity to meet the remainder of project costs. The total project budget was not disclosed.
What’s next
Site work and vertical construction are underway, with the team targeting completion roughly 12 months after groundbreaking. Once finished, the community will add nearly 50 units of new rental housing to the Sheboygan County market, focused on two-bedroom, two-bath product with attached garages and private outdoor space.
Key project players
- Financing arranged by a Milwaukee-based capital markets director representing the lender and borrower relationship
- Developer: Mequon-based multifamily development and management firm
- General contractor: Waukesha-based construction firm
- Architecture: regional design firm responsible for project renderings
- Civil engineering: regional civil engineering firm
- Legal counsel: outside law firm serving the project team
- Public support: Sheboygan County economic development agency provided $1.2 million in TIF over 10 years
FAQ
What is the loan amount and who arranged it?
The construction loan totals $8.7 million and was arranged by a capital markets team based in the Milwaukee area on behalf of the developer.
How many units and what types are being built?
The project includes 48 units in four buildings, all configured as two-bedroom, two-bath apartments sized approximately 1,230 to 1,300 square feet.
What are the key loan terms?
The loan term is five years with a fixed rate of 6.2%, includes 30 months of interest-only payments, converts to a 30-year amortization thereafter, and carries a loan-to-cost of 77%.
Who is building the project and how long will construction take?
A Waukesha-based general contractor is serving as the project builder, and the construction timeline is expected to be about 12 months from groundbreaking.
Did the project receive any public support?
Yes. The county economic development agency approved $1.2 million in tax increment financing to be distributed to the developer over 10 years.
Key project features
| Feature | Detail |
|---|---|
| Project name | Marshview Apartments |
| Location | Near WI-23/WI-32 intersection, Sheboygan Falls, WI |
| Units | 48 total (4 buildings × 12 units) |
| Unit type | All two-bedroom, two-bath; 1,230–1,300 sq ft |
| Parking | Approximately 114 surface spaces; attached single-car garages for select units |
| Loan amount | $8.7 million |
| Loan terms | 5 years, fixed 6.2%, 30 months interest-only, then 30-year amortization, 77% LTC |
| Construction timeline | Projected 12 months |
| Public support | $1.2 million TIF over 10 years |
| Key contractors & consultants | Regional general contractor, architecture firm, civil engineer, legal counsel |
Deeper Dive: News & Info About This Topic
Additional Resources
- REJournals: MMCC Arranges $8.7M Construction Financing for 48‑Unit Apartment in Sheboygan Falls
- Wikipedia: Marcus & Millichap
- Daily Reporter: Sheboygan Falls — Marshview Apartments development
- Google Search: Marshview Apartments Sheboygan Falls
- YieldPro: Marshview Apartments
- Google Scholar: Marshview Apartments Sheboygan Falls
- Sheboygan Press: Sheboygan moves to buy 78 acres of Town of Wilson land
- Encyclopedia Britannica: Town of Wilson, Wisconsin
- Urban Milwaukee: WEDC provides more than $1.6M to organizations assisting entrepreneurs
- Google News: WEDC grants entrepreneurs Wisconsin
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