• Development Case Study: Cardinal Hotel

Property Description
The Cardinal Hotel was originally built in 1908. In the early 1980s a fire triggered redevelopment and conversion to condominiums in 1985. The Cardinal was subsequently remodeled into 21 apartments - 13 one-bedrooms and eight two-bedrooms, two of which are lofts, on the upper four floors. There is a well-known bar on the first floor.

The bar's entrance has a decorative block foyer and stone steps. Within the bar there is a long antique bar with decorative antique-style stained glass lighting. WMC president Russ Endres worked with Cardinal Bar owner Ricardo Gonzalez and another investor to acquithe building, on which they closed in November 1999.
 
Amenities Included:
  • All new appliances, cabinetry, and flooring
  • Lake views
  • On-site manager
  • CATV
  • Elevator
  • Intercom access
  • Bus line
  • 24-hour emergency maintenance
  • Window coverings
  • Walk-In closets
  • Ceiling fans
  • Laundry facilities
  • Storage units
  • Cats welcome
Property Location:
The Cardinal Apartments are located in the heart of Madison, just blocks from campus and across the Capitol Square from State Street. Overlooking beautiful Lake Monona, the Cardinal Apartments offer many amenities and a unique location with convenience and atmosphere like no other.
 
Financing
Expenses were high and the income was low. Since its purchase WMC has managed an increase in income potential. The property is financed utilizing a Housing Development Grant (HoDAG) and tax-exempt bond financing from WHEDA, which requires twenty percent of the apartments to be set-aside for at or below 50 percent of area median income.