Architectural rendering of Marshview Apartments, a planned 48‑unit, four‑building community in Sheboygan Falls.
Sheboygan Falls, Wisconsin, August 29, 2025
Marcus & Millichap Capital Corporation arranged an $8.7 million construction loan to finance Marshview Apartments, a new 48‑unit multifamily community in Sheboygan Falls. The ground‑up project consists of four low‑rise buildings with 12 two‑bedroom, two‑bath units each, private entry and attached single‑car garages. The five‑year loan carries a fixed 6.2% rate with 30 months of interest‑only payments before converting to a 30‑year amortization and a reported 77% loan‑to‑cost. Sheboygan County provided $1.2 million in TIF support. Construction is underway and the team will proceed through site work, vertical build and interior finishes.
A regional capital firm arranged $8.7 million in construction financing for Marshview Apartments, a new 48‑unit apartment development planned just southwest of the intersection of WI‑23 and WI‑32 in Sheboygan Falls, Wisconsin. The loan is a five‑year package with a fixed 6.2% interest rate, includes a 30‑month interest‑only period, converts to a 30‑year amortization, and carries a loan‑to‑cost of 77%.
The construction loan is structured as a competitive mini‑perm package chosen from several options and is tailored to match projected construction and stabilization schedules while providing interest rate protection through the loan term. The lender and project team expect a 12‑month construction period. Groundbreaking for the project occurred in August.
Marshview Apartments is a ground‑up multifamily development made up of four buildings, each with 12 units, for a total of 48 units. Units will be exclusively two‑bedroom, two‑bathroom layouts, sized between 1,230 and 1,300 square feet. Planned resident features include private direct unit entries, in‑unit laundry, attached single‑car garages, and a private patio or balcony for each unit. The site plan includes roughly 114 surface parking spaces.
A local multifamily developer and management firm is leading the build, with a regional general contractor serving as builder. The project team also includes an architecture firm responsible for the rendering, a civil engineer, and outside legal counsel. Local planning officials reviewed and approved the development plans during the spring and summer after the developer submitted plans in April.
The county economic development arm provided $1.2 million in tax increment financing to support the project. That support is set to be distributed to the developer over a 10‑year period. County and developer officials point to low rental vacancies in the area and limited new supply as reasons for adding new units. Several nearby employers were cited as a stable base for local housing demand, contributing to the market case for the development.
Construction is slated to be completed in about a year from the start of work. The total project cost has not been publicly disclosed. The loan contains a substantial interest‑only period to help manage cash flow during construction and early lease‑up, after which amortization begins. Final permits and scheduling remain part of the project checklist as the team moves forward with site work and building construction.
The financing was arranged by a capital markets arm of a national commercial real estate company, which placed the construction loan with a regional lender on behalf of the local developer. That capital arm provides a range of commercial real estate financing solutions and executed more than a thousand transactions across recent years.
In short, Marshview Apartments is a new, mid‑size, ground‑up rental project near a major highway intersection in Sheboygan Falls backed by a $8.7 million construction loan with a multi‑phase payment structure and local public support. The plan calls for large two‑bedroom units with attached garages and immediate proximity to local employers, and the team expects to complete construction in about 12 months.
The construction loan is $8.7 million, fixed at 6.2% for five years, with 30 months of interest‑only payments before converting to a 30‑year amortization. The loan‑to‑cost is 77%.
The development will include 48 units across four buildings, with each building containing 12 units.
All units are planned as two‑bedroom, two‑bathroom homes ranging from 1,230 to 1,300 sq ft. Amenities include private entry, in‑unit laundry, attached single‑car garages, and a private patio or balcony for each unit.
The site is located near Plank Trail Lane, immediately southwest of the intersection of WI‑23 and WI‑32 in Sheboygan Falls, Wisconsin.
A regional general contractor is serving as the builder. Local planning officials reviewed and approved development plans in the spring and summer, and ground was broken in August.
Yes. The county provided $1.2 million in tax increment financing payable to the developer over 10 years.
Construction is projected to take about 12 months from the start of work.
| Feature | Details |
|---|---|
| Project name | Marshview Apartments |
| Location | Near Plank Trail Lane, southwest of WI‑23/WI‑32 intersection, Sheboygan Falls, WI |
| Unit mix | 48 units; all two‑bedroom, two‑bathroom; 1,230–1,300 sq ft |
| Buildings | 4 buildings × 12 units each |
| Parking | Approximately 114 surface parking spaces; attached single‑car garages available |
| Loan amount | $8.7 million |
| Loan terms | 5‑year fixed term at 6.2%; 30 months interest‑only; converts to 30‑year amortization; LTC 77% |
| Construction timeline | Projected 12 months from start of construction |
| Public support | $1.2 million in TIF over 10 years |
| Team highlights | Local developer and management firm; regional general contractor; architecture and engineering consultants; outside counsel |
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