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The Edison a 378-unit mass timber apartment in the US

US real estate development company Neutral has secured $US133.3 million in construction financing for its development project, The Edison, a 378-unit, mass timber, luxury apartment project in Milwaukee, Wisconsin. Source: Timberbiz Bank OZK provided senior financing, and Pearlmark delivered the mezzanine financing, with JLL Capital Markets working on behalf of Neutral to facilitate the transaction. The Edison, located at 1005 North Edison Street in Milwaukee, will total 308,913 residential rentable square feet and 378 residential market-rate units (studio, one, two and three bedroom) as well as approximately 7,200 square feet of complementary retail space. The project will feature best-in-class amenities focused on residents’ wellness, including a cafe, fitness centre, spa, pool, sauna, demo kitchen, dog park, movie room, com-munity garden, entertainment deck with kitchens, and a top-floor sky lounge. The Edison represents Neutral’s commitment to redefining conventional development with innovation in sustainability and well-being: At 31 stories, The Edison is on track to be the tallest mass timber building in North America and one of the tallest mass timber structures globally. The Edison blends exposed mass timber with abundant natural materials and state-of-the-art ventilation systems, creating an environment that nurtures both resident well-being and environmental sustainability. The building’s materials are estimated to reduce embodied carbon footprint by 17% (without accounting for biogenic carbon) and 54% (with biogenic carbon), as well as reduce the operation carbon footprint and energy consumption by 45% compared to conventional buildings of the same typology and use. Edison will pursue Passive House certification from PHIUS 2021 Core Standard, one of the leading and strictest certifications for energy-efficient buildings. The Edison will also pursue Living Building Challenge 4.0. Core Certification, focused on regenerative buildings and overall resident well-being. The Neutral development team is led by CEO Nate Helbach, CPO Daniel Glaessl and CTO Matt Frazer. “We’re grateful to partner with Bank OZK and Pearlmark and for JLL Capital Markets’ leadership in facilitating this milestone financing. Successfully securing funding in to-day’s challenging financial market environment underscores the strength of the project’s fundamentals and our exceptional project team,” said Helbach. “With The Edison, we’re demonstrating that innovation in sustainable high-rise construction is both technologically and financially feasible. Edison will pursue some of the strictest sustainability standards, like passive house certification, by PHIUS 2021. We are also implementing design guidelines of LBC 4.0 Core Certification that focuses on the overall well-being and happiness of the people who will live and work in The Edison.” said Glaessl. Pearlmark team was led by Managing Director Mark Witt. “We are excited to be involved in the financing of this project with Neutral, a repeat sponsor of the firm. This project has a great location on the Milwaukee River and steps away from the Deer District, with its numerous entertainment and food options.” said Witt. The JLL Capital Markets team representing the borrower was led by Director Mike Brady, Associate Tara Hagerty and Analyst Merrick Evans. “We are thrilled to be a part of this team to not only add a unique luxury living option to Milwaukee but also advance mass timber developments. We believe this project will set a new standard for elevated living.” said Brady. Project construction is expected to start in the first quarter of 2025 and is expected to be complete in the second quarter of 2027, Neutral officials said.