Direct Supply | Milwaukee, Wisconsin
The Project
Lakeland Business Center located in Milwaukee, Wisconsin, is the corporate headquarters for Direct Supply, the nation’s leading provider of equipment, eCommerce and service solutions for senior living. Direct Supply had outgrown its existing corporate office campus consisting of 9 buildings totaling 210,000 square feet and needed an expansion plan to accommodate an additional 500,000 SF if they were to stay in this location.
Challenges
The $85 million expansion plan for Direct Supply was to be phased over a 15 year period. As a closely held private company, Direct Supply did not have rated debt, limiting the ability to securitize or remarket any real estate debt.
The Result
Michael Sieman structured an institutional balance sheet financing package with General Electric that not only recapitalized the existing debt and allowed for the immediate construction of a new 80,000 square foot building on the office campus, but also provided the ability to accommodate future expansion as necessary.
Lakeland Business Center located in Milwaukee, Wisconsin, is the corporate headquarters for Direct Supply, the nation’s leading provider of equipment, eCommerce and service solutions for senior living. Direct Supply had outgrown its existing corporate office campus consisting of 9 buildings totaling 210,000 square feet and needed an expansion plan to accommodate an additional 500,000 SF if they were to stay in this location.
Challenges
The $85 million expansion plan for Direct Supply was to be phased over a 15 year period. As a closely held private company, Direct Supply did not have rated debt, limiting the ability to securitize or remarket any real estate debt.
The Result
Michael Sieman structured an institutional balance sheet financing package with General Electric that not only recapitalized the existing debt and allowed for the immediate construction of a new 80,000 square foot building on the office campus, but also provided the ability to accommodate future expansion as necessary.