Vermilion Development, Quartz Lake secure $95m for development project in Madison, Wis.

Vermilion Development, in concert with Quartz Lake Capital, announced the closing on debt and equity financing for a $95 million multi-family development located at 1617 Sherman Ave. in Madison, Wis. JLL Capital Markets secured $33.3 million in joint venture equity for the project from Clarion Partners.

1617 Sherman will comprise six mid-rise buildings, offering a total of 309 multi-housing units with an average size of 793 square feet. The apartment units and townhomes will feature sophisticated design and premium finishes, ensuring a high-quality living experience.

Residents also will have access to amenities including a fitness center, bike storage, pet spa, coworking space, breakout rooms, community garden and a panoramic rooftop featuring grills, firepits and scenic lake views.

1617 Sherman is situated at the junction of downtown Madison and Maple Bluff, the city's most affluent neighborhood. The property offers easy access to Madison's Capitol Square, whic