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Waveland Community Development Closes on $27 million Aloft Hotel by W (October 2008)

MILWAUKEE, WISCONSIN - Waveland Community Development is pleased to announce that it has allocated $5 million of New Market Tax Credits as part of the $27 million financing of an Aloft Hotel in Milwaukee,Wisconsin. This to be constructed project will include 160 hotel rooms and 3,500 square feet of retail space overlooking the Milwaukee River. Designed in connection with the world renowned architect David Rockwell and the Rockwell Group, Aloft stays true to the W Hotel brand's heritage, offering atmospheric public spaces designed to draw guests from their rooms to socialize and make friends.This project will create 75 full time jobs, and is located in a census tract with a povery rate in excess of 60%. US Bank provided the senior debt financing.

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