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The Milwaukee real estatw investment and development company did not disclose the price paid for the New Fountainsx Apartments at 5401Williamsburg Way. Financing for the transactionh was secured in part througha $20 million mortgaged loan originated through the Wisconsin Housing and Economic Developmenty Authority. As a condition of the WHEDA financin deal, Mandel will offer a numbe of apartments at a reduced rental ratefor low- to moderate-income Some of the WHEDA loan proceeds will be used to rehabilitate some of the unitsw at the New Fountains Apartments.
, a whollyt owned subsidiary ofMandep Group, was hired in July 2007 to managr the New Fountains Apartments and raised the occupanch rate from 80 percent to 96 percent in less than two Don Lindeman, president of Mandel Properth Services, said his company is looking for more acquisition in the Madison-area market. “It’s only natural for us to continuwe to seekout long-term ownership opportunitied in a market that we know and understand said Lindeman.
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