Neutral, a leading real estate development company, has successfully obtained $133.3 million in construction financing for its ambitious project, The Edison, located in Milwaukee, Wisconsin. This luxury apartment complex, set to be the tallest mass timber building in North America, will offer 378 units and approximately 7,200 square feet of retail space. The funding comes from Bank OZK as the senior lender and Pearlmark providing mezzanine financing. JLL Capital Markets played a pivotal role in facilitating this transaction. With an emphasis on sustainability and resident well-being, The Edison is poised to redefine urban living with state-of-the-art amenities and eco-friendly construction methods.
The Edison, situated at 1005 North Edison Street, aims to become a landmark in Milwaukee's skyline. Spanning 31 stories, it will feature cutting-edge facilities designed to enhance residents' quality of life, including a fitness center, spa, pool, sauna, café, demo kitchen, dog park, movie room, community garden, entertainment deck, and a top-floor sky lounge. The project's innovative use of mass timber construction not only sets it apart but also aligns with Neutral's commitment to sustainable practices. The development team, led by co-founder and CEO Nate Helbach, co-founder Matt Frazer, and CPO Daniel Glaessl, emphasizes the project's environmental performance and lower operating costs, making it an attractive investment opportunity in today's challenging financial climate.
The Edison has already secured over 62% of the required equity funding, with construction slated to begin in spring 2025 through an equity bridge loan from a Neutral affiliate. Accredited investors can participate via Charles Schwab using the registered SSID/CUSIP number or through Neutral’s online investor portal. The remaining 38% of equity is expected to be finalized soon, ensuring the project stays on track for tenant occupancy by Q3 2027.
Helbach expressed gratitude for the partnership with Bank OZK and Pearlmark, highlighting the strength of the project's fundamentals and the exceptional project team. He noted that securing funding in today's market underscores the project's quality and potential. Glaessl emphasized The Edison's pursuit of Passive House and Living Building Challenge certifications, positioning it for premium valuations in the future. Frazer drew parallels between his entrepreneurial journey with Tribute Technology and Neutral, inviting accredited investors to join in transforming urban multifamily living through innovation and sustainability.
Founded in 2020, Neutral crafts financially responsible, sustainable living spaces. Besides The Edison, the company is developing two mass-timber mixed-use projects in downtown Madison, WI. Headquartered in Madison and San Jose, Neutral focuses on creating environmentally friendly communities that promote healthy lifestyles and well-being. The Edison represents a significant step towards revolutionizing urban living with its unique blend of advanced construction techniques and sustainability certifications.