CIBC continues commitment to affordable housing with latest project: Thrive on King

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CIBC partners with Thrive on King project to create affordable housing in downtown Milwaukee.

MILWAUKEE, April 1, 2024 /PRNewswire/ - CIBC today announced its involvement in the Thrive on King project, a historic adaptive reuse initiative that will transform a former department store building into 90 units of affordable housing in downtown Milwaukee.

"We are excited to be a part of the Thrive on King project, which will not only create much-needed affordable housing, but also contribute to the preservation of Milwaukee's rich history," said Tony Hernandez, head of Community Investment at CIBC Bank USA. "CIBC is especially passionate about this project because it represents a significant investment in Milwaukee's future, and we are proud to be a part of it," said Hernandez.

CIBC's $45.5 million commitment through equity investment and construction lending will play a pivotal role in realizing the vision of this project. The community impact of Thrive on King is significant. The adaptive reuse of a vacant, historically significant store, will create 90 units of affordable housing in downtown Milwaukee. These units will serve as low-income residences, with 27 units specifically designed for seniors aged 55 and above.

The commercial space within Thrive on King will be anchored by the Greater Milwaukee Foundation and the Medical College of Wisconsin community-facing centers and institutes. The space will serve as a hub for a wide range of services including food, health and wellness programs, art, culture, history, community gatherings, early childhood education, generational programming, workforce development and business support.

"Thrive on King is more than just a development project. It's a symbol of hope and progress for the city of Milwaukee," said Hernandez.

About CIBC

CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. CIBC offers a full range of advice, solutions and services in the United States, across Canada and around the world. In the US, CIBC Bank USA provides commercial banking, private and personal banking and small business banking solutions and CIBC Private Wealth offers investment management, wealth strategies and legacy planning. Visit us at cibc.com/US.

Member FDIC and Equal Housing Lender. Loans are subject to credit approval. The CIBC logo is a registered trademark of CIBC, used under license. Investment Products Offered are Not FDIC-Insured, May Lose Value and are Not Bank Guaranteed.

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SOURCE CIBC

FAQ

What project is CIBC involved in?

CIBC is involved in the Thrive on King project.

How many units of affordable housing will be created in downtown Milwaukee?

The project will transform a former department store building into 90 units of affordable housing.

Who is the head of Community Investment at CIBC Bank USA?

Tony Hernandez is the head of Community Investment at CIBC Bank USA.

What is the goal of the Thrive on King project?

The project aims to create affordable housing and contribute to the preservation of Milwaukee's history.