Black Banks to Provide Financing for $45,000,000 Deer District Hotel Development in Milwaukee

MILWAUKEE, December 16, 2021–(BUSINESS WIRE)–The National Black Bank Foundation announced Thursday that a pair of Black-owned banks are participating in a $45,000,000 transaction to develop The Trade, a new Autograph Collection® hotel by Marriott at the steps of the Fiserv Forum in Milwaukee’s Deer District.

Milwaukee-based Columbia Savings & Loan Association and Citizens Trust Bank are providing financing to North Central Group, which is developing the property through a long-term land lease with the Milwaukee Bucks. The scope and nature of the transaction, coupled with NCG’s strong credit rating, will diversify the two banks’ loan portfolios and bolster their capital cushion, allowing them to extend new capital into disadvantaged communities of color. The partnership follows a summit between the presidents of four of the country’s largest Black banks and Milwaukee Bucks President Peter Feigin earlier this year.

“The Bucks organization appreciates the essential work of Black banks, and we also understand that these lenders are offering market-competitive rates and excellent customer service,” said Peter Feigin, President of the Milwaukee Bucks and Fiserv Forum. “That’s why we were so pleased that NCG brought two Black banks, including one in Milwaukee, into this deal. Black banks’ participation in this project will breathe life into Black and brown neighborhoods in the form of life-changing home and business loans across our city.”

“I’m grateful to play with a team whose…