100 East Office-to-Residential Conversion, Milwaukee

100 East Wisconsin Avenue is the Flemish-Renaissance-styled postmodern tower on the Milwaukee River that used to be the Marcus Corporation’s headquarters. It started emptying in 2020 as office tenants moved to newer stock, went through foreclosure, and was picked up in 2023 by a team led by Klein Development and MOS R.E. Construction on its conversion to 373 apartments began in May 2026.

The financing is the headline. Dwight Capital closed a $114 million HUD 221(d)(4) insured construction loan on it — the largest multifamily HUD loan ever closed in Wisconsin, and the largest such credit approved by HUD’s Midwest Region Office.

Project Scope

Conversion of a vacant downtown office tower into 373 apartments, targeting completion at the end of 2027. On delivery it will be the tallest residential building in Wisconsin. Floor count is reported as either 34 or 35 depending on the source. The architect and general contractor are not published in available sources. Klein Development and MOS R.E. are the development partners.

Why It Matters

Office-to-residential conversions get talked about constantly and financed rarely, because the numbers usually don’t work and lenders know it. What makes 100 East worth watching isn’t the design — it’s that HUD’s 221(d)(4) program underwrote it at $114 million. That’s a federally insured, fixed-rate, 40-year construction-to-permanent loan on a conversion, and it’s the kind of instrument that makes these deals possible in second-tier downtowns where the equity market won’t show up. Milwaukee has more vacant office square footage behind this one. Whether more of it moves depends on whether this loan performs.

Project Team & Details