MILWAUKEE, April 1,
2024 /PRNewswire/ - CIBC today announced its
involvement in the Thrive on King project, a historic adaptive
reuse initiative that will transform a former department store
building into 90 units of affordable housing in downtown
Milwaukee.
"We are excited to be a part of the Thrive on King project,
which will not only create much-needed affordable housing, but also
contribute to the preservation of Milwaukee's rich history," said Tony Hernandez, head of Community Investment at
CIBC Bank USA. "CIBC is especially
passionate about this project because it represents a significant
investment in Milwaukee's future,
and we are proud to be a part of it," said Hernandez.
CIBC's $45.5 million commitment
through equity investment and construction lending will play a
pivotal role in realizing the vision of this project. The community
impact of Thrive on King is significant. The adaptive reuse of a
vacant, historically significant store, will create 90 units of
affordable housing in downtown Milwaukee. These units will serve as
low-income residences, with 27 units specifically designed for
seniors aged 55 and above.
The commercial space within Thrive on King will be anchored by
the Greater Milwaukee Foundation and the Medical College of Wisconsin community-facing
centers and institutes. The space will serve as a hub for a wide
range of services including food, health and wellness programs,
art, culture, history, community gatherings, early childhood
education, generational programming, workforce development and
business support.
"Thrive on King is more than just a development project. It's a
symbol of hope and progress for the city of Milwaukee," said Hernandez.
About CIBC
CIBC is a leading North American financial institution with 14
million personal banking, business, public sector and institutional
clients. CIBC offers a full range of advice, solutions and services
in the United States, across
Canada and around the world. In
the US, CIBC Bank USA provides
commercial banking, private and personal banking and small business
banking solutions and CIBC Private Wealth offers investment
management, wealth strategies and legacy planning. Visit us at
cibc.com/US.
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Member FDIC and Equal Housing Lender.
Loans are subject to credit approval. The CIBC logo is a
registered trademark of CIBC, used under license. Investment
Products Offered are Not FDIC-Insured, May Lose Value and are
Not Bank Guaranteed.
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SOURCE CIBC
