National Cooperative Bank (NCB), a leading financial services company dedicated to serving cooperatives and socially responsible organizations nationwide, announces the closing of a $7 million senior loan and $522,000 direct loan for the development of a 46,280-square foot grocery store in Milwaukee. The grocery store will be occupied by Cermak Fresh Market and is phase one of a multi-phase urban New Markets Tax Credit transaction.
Cermak Fresh Market, an independent grocery retailer, specializes in a variety of ethnic foods catering to European and Latin American cultures. It offers domestic and international products, beverages, fresh meats, fish, dairy and bakery goods.
"NCB is excited to work on this complex transaction that has great benefit to the local community," stated Brian Misenheimer, senior vice president of National Cooperative Bank. "Our history in lending to independent grocery retailers and our commitment to providing leverage loans in NMTC transactions made NCB a great fit for this project."
The redevelopment project, known as Freshwater Plaza is a new, four-phase urban mixed-use development that will be a catalyst for the neighborhood is being developed by Wangard Partners, Inc. The project located in Walker’s Point will also provide a higher quality of shopping, regional and national tenants; allow for the clean-up of a brownfield site; and provide a connection to the mixed-use trail system.