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Ella Apartments
Category: Economic Development

Building Community: Ella Apartments in Madison, Wisconsin

Regions finances project offering affordable housing in iconic Eken Park.

By Dana Obrist | September 26, 2022

Last June, locals gathered in Eken Park to pay homage to the site while welcoming a new neighbor for the grand opening of a five-story, 135-unit building that includes a stunning 3,400-square foot mural by local artist Bill Rebholz.

Located on East Washington Avenue, the highly visible Ella Apartments houses an 8,635-square foot commercial space on the ground floor, along with one- and two-bedroom units above. The apartments are targeted to both individuals and families earning well below 30% and up to 80% of Dane County’s median income. The development sits two miles east of the State Capital building, offering residents easy access to employment centers, retail establishments, schools and public transportation.

Ella Apartments was developed by the local Neujahr family to create attractive, well-equipped, bright and modern apartments for Madison residents struggling to afford the market-rate apartments in the community. With oversized windows allowing lots of natural light, each unit has a washer and dryer, plus stainless steel appliances. Amenities include fitness center, dog wash station, community room, garden beds, meditation room and large screened-in porch. Wisconsin Green Built certified, Ella Apartments includes electric vehicle (EV) charging stations and an underground parking garage.

Our financing partners at Regions Bank came with the right expertise, at the right time, to make Ella Apartments a success.
Anne Neujahr Morrison

“Madison is a thriving community, experiencing a population growth that has outpaced the national average since 2010,” said Eric Speichinger, Regions Affordable Housing relationship manager. “With rising inflation comes rising rents. Ella Apartments offers residents an affordable option with high touch amenities in this beautiful and diverse community.”

Regions Affordable Housing played a significant role in the Ella Apartments project including investment in the Federal and State Low Income Housing Tax Credits (LIHTC). In addition, the team provided the construction loan, an equity bridge loan and served as Trustee for the state bonds issued for the project. The capital markets team was also involved, placing the permanent debt for the project with Fannie Mae.

“Developing affordable housing is never boring, and developing in a pandemic introduced even more challenges for teams to tackle,” said Anne Neujahr Morrison. “Our financing partners at Regions Bank came with the right expertise, at the right time, to make Ella Apartments a success. We couldn’t be prouder of the Ella team and the new housing we created together.”

Ella Apartments is the first project for Regions Affordable Housing in Madison and with New Year Investments.

“We look forward to the opportunity for future involvement in this beautiful community,” Speichinger said.

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