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 lender provided an $8.7 million construction loan to build a new 48‑unit apartment complex called Marshview Apartments just southwest of the intersection of Wisconsin Highways 23 and 32 in Sheboygan Falls. The loan was arranged by Marcus & Millichap Capital Corporation (MMCC) through its Milwaukee office and will support a ground‑up development of four separate 12‑unit buildings.
The financing is a five‑year construction loan with a fixed interest rate of 6.2%. The loan offers 30 months of interest‑only payments during construction and early occupation, then converts to a 30‑year amortization schedule for the remaining term. The loan‑to‑cost ratio stands at 77%, and MMCC characterized the facility as a competitive mini‑permanent construction package selected from multiple options to match projected construction and stabilization timelines while providing interest rate protection for the borrower.
Marshview Apartments will consist exclusively of two‑bedroom, two‑bathroom units, with individual sizes ranging from about 1,230 to 1,300 square feet. The development plan calls for four buildings of 12 units each for a total of 48 units. Amenities will include on‑site laundry facilities, private direct entry for each unit, attached single‑car garages, and private patios or balconies. Surface parking will be provided, with approximately 114 spaces planned.
Groundbreaking took place in August 2025. The lender and project team project a construction schedule of about 12 months. Waukesha‑based Duffek Construction is serving as the general contractor. The project team also includes KCB Buildings as the architect, Kapur and Associates as civil engineer, and legal counsel from Michael Best & Friedrich.
The development is led by a Mequon‑based multifamily development and management firm. City officials reviewed and approved the development plans following submission to the local plan commission in April 2025. Sheboygan County provided public support through $1.2 million in tax increment financing (TIF), to be distributed to the developer over a 10‑year period.
Local officials indicate the county is experiencing low rental vacancies and limited new supply. The area benefits from a number of large employers that help support housing demand, including manufacturers, insurers, food producers and healthcare systems. The developer cited these factors when moving forward with the project.
The arranging firm, MMCC, is a capital markets subsidiary of a larger commercial real estate investment services company with offices across the United States and Canada. The subsidiary provides a range of financing solutions, including debt, mezzanine financing, preferred and joint‑venture equity, sponsor equity and loan sales. In recent activity, the parent organization closed more than a thousand capital transactions the prior year, totaling several billion dollars in volume.
The total project cost has not been publicly disclosed. Further details on unit pricing, lease‑up timelines and final amenity specifications will likely become available as construction nears completion and leasing begins.
With financing in place and construction underway, the developer will continue on site work and predevelopment tasks such as utility hookups, site grading and building foundations during the first months. The loan structure is intended to support the pace of construction and the expected period required for the community to reach stabilized occupancy.
The construction loan is for $8.7 million, is five years in length, carries a fixed rate of 6.2%, includes 30 months of interest‑only payments, and converts to a 30‑year amortization after the interest‑only period. The loan‑to‑cost is 77%.
The project will deliver 48 units arranged as four buildings of 12 units each, all configured as two‑bedroom, two‑bath apartments with sizes between 1,230 and 1,300 square feet.
Construction is projected to take about 12 months from the current start date. Actual completion depends on weather, supply chain and field conditions.
The general contractor is a Waukesha‑based construction firm. The architectural work is handled by KCB Buildings, civil engineering by Kapur and Associates, and legal counsel by Michael Best & Friedrich.
Yes. The county provided $1.2 million in tax increment financing (TIF) to be distributed to the developer over 10 years to support the development.
Amenities include on‑site laundry, private direct entry to units, attached single‑car garages, private patios or balconies and surface parking of roughly 114 spaces.
| Feature | Detail |
|---|---|
| Project name | Marshview Apartments |
| Location | Near WI‑23/WI‑32, Sheboygan Falls, WI |
| Unit count | 48 units (4 buildings × 12 units) |
| Unit type | Two‑bedroom, two‑bath |
| Unit size | 1,230–1,300 sq ft |
| Parking | Approximately 114 surface spaces; attached single‑car garages |
| Loan amount | $8.7 million |
| Loan terms | 5‑year loan; 6.2% fixed; 30 months interest‑only; converts to 30‑year amortization; LTC 77% |
| Construction timeline | Projected 12 months |
| Developer | Mequon‑based multifamily development and management firm |
| General contractor | Waukesha‑based Duffek Construction |
| Design and engineering | KCB Buildings (architecture); Kapur & Associates (civil) |
| Public support | $1.2 million TIF over 10 years |
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