Directly supports the addition of quality units in a location with limited supply
supports an experienced black developer with limited financial capacity to compete with much larger and better funded development firms.
Increases jobs given to Minority and Women Owned Business Enterprises (MWBEs) with a 25% best-efforts MWBE contractor requirement
*All information above as of March 2023
About the Project
Cornerstone Village is a 6-story, 247-unit market-rate, luxury, multifamily apartment development. Located in West Allis, Wisconsin, just 15 minutes from downtown Milwaukee, Cornerstone Village features 9 studio units, 129 one-bedroom units, 94 two-bedroom units, and 15 three-bedroom units. The underground parking garage provides capacity for 342 covered and 18 surface spaces. Cornerstone Village is equipped with an array of amenities including a multiple purpose community room, fitness center, reading and technology lounge, children’s playground, common patio and garden areas, a pool, and co-working space.
About the Sponsor
The borrower is a joint venture between Land Quest Partners and Three Leaf Partners. BEDF previously partnered with Land Quest Partners on “The Porch” in November of 2022. Land Quest Partners, led by Ryan Douglas, has completed over 100 projects, totaling over 4,000 units with total development costs in excess of $400MM. Three Leaf Partners, led by Matt Burow and Pat Connaughton, a current Milwaukee Bucks NBA player, has extensive development experience, with projects ranging from single family homes and market-rate apartments to hotels and medical buildings.
The Black Economic Development Fund supported a $3,700,000 loan for facilitating the acquisition and predevelopment of Cornerstone Village.
*All information above as of March 2023.
The investment pools sponsored by LISC are available only to eligible investors, are offered only pursuant to their official offering documents, and are managed by LISC Fund Management, which is a wholly-owned subsidiary of LISC. LISC Fund Management is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). Registration of an investment adviser with the SEC does not imply any level of skill or training. Please visit the SEC’s website at www.adviserinfo.sec.gov to see LISC Fund Management’s Form ADV, which contains important disclosures, including further disclosures about material conflicts of interest, risks, and limitations associated with LISC Fund Management.