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 financing package totaling $8.7 million has been arranged to build a new 48‑unit apartment community near Plank Trail Lane, southwest of the intersection of Wisconsin Highways 23 and 32 in Sheboygan Falls. The loan covers a ground‑up development of four 12‑unit buildings and was secured by Marcus & Millichap Capital Corporation on behalf of a local multifamily developer.
The construction loan is a five‑year facility carrying a fixed interest rate of 6.2%. The borrower will make interest‑only payments for the initial 30 months, after which the loan converts to a standard 30‑year amortization schedule. The loan‑to‑cost ratio for the package is reported at 77%. Lender and sponsor officials described the package as a competitive mini‑permanent financing structure chosen from multiple options and designed to match projected construction and stabilization milestones while providing interest rate protection through the loan term.
The development, named Marshview Apartments, is a planned collection of four low‑rise buildings, each with 12 units for a total of 48 units. All apartments are planned as two‑bedroom, two‑bath layouts, with unit sizes ranging from approximately 1,230 to 1,300 square feet. The site plan includes about 114 surface parking spaces, laundry facilities, private direct entry to each unit, attached single‑car garages, and a private patio or balcony for each residence.
Groundbreaking on the project began in August 2025, and the construction timeline provided by the project lender projects completion in about 12 months. A regional general contractor based in Waukesha is serving as general contractor for the work.
The developer is a Mequon‑based multifamily development and management firm. The project team includes an architecture firm that supplied the project rendering, a civil engineering firm, and outside legal counsel. Sheboygan County supported the project through $1.2 million in tax increment financing, to be disbursed to the developer over a 10‑year period.
Local officials note the county is experiencing low rental vacancies and limited new supply, and they highlight several large local employers that contribute to a stable employment base and potential housing demand near the site. The project was reviewed by municipal planning authorities earlier in the year and received approvals before construction began.
The financing was arranged by Marcus & Millichap Capital Corporation, a subsidiary of a national commercial real estate investment services company. That capital markets platform provides debt, mezzanine financing, sponsor equity solutions and related capital markets services nationwide. In 2024, that capital platform closed more than 1,200 transactions totaling about $9.1 billion.
With construction underway and the financing in place, the project team will proceed through site work, vertical construction and interior finishes over the next year. Upon completion, the community will offer exclusively two‑bedroom, two‑bath apartments with direct entry and attached garages, adding a modest amount of new rental housing to the Sheboygan County market.
The construction loan arranged totals $8.7 million.
The financing package was arranged by Marcus & Millichap Capital Corporation through its regional office.
The development is being undertaken by a local Mequon‑based multifamily development and management firm.
The site is near Plank Trail Lane, southwest of the intersection of Wisconsin Highways 23 and 32 in Sheboygan Falls, Wisconsin.
The project will contain 48 units across four buildings, with all units configured as two‑bedroom, two‑bath apartments. Unit sizes will range roughly from 1,230 to 1,300 sq ft.
The loan is a five‑year facility at a fixed 6.2% interest rate, with 30 months of interest‑only payments before converting to a 30‑year amortization. The loan‑to‑cost is about 77%.
Sheboygan County provided $1.2 million in tax increment financing support for the project, to be distributed to the developer over 10 years.
Construction is projected to take about 12 months from the start of work.
| Feature | Detail |
|---|---|
| Loan amount | $8.7 million |
| Loan term and rate | 5 years, fixed 6.2% | 30 months interest-only then 30-year amortization |
| Loan-to-cost (LTC) | 77% |
| Location | Near Plank Trail Lane, SW of WI-23/WI-32 intersection, Sheboygan Falls, WI |
| Unit mix | 48 units; all 2-bed / 2-bath; 1,230–1,300 sq ft |
| Buildings | Four buildings, 12 units each |
| Parking | Approximately 114 surface spaces plus attached single-car garages |
| Amenities | Laundry facilities, private direct entry, private patio/balcony |
| Public support | $1.2M in TIF from county, distributed over 10 years |
| Construction timeline | Groundbreaking August 2025; projected 12 months |
| Principal project firms | Regional capital arranger, local developer, Waukesha-based general contractor, architecture and civil engineering firms, outside counsel |
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