MILWAUKEE | Once a failed condominium development with a bleak future, The Point on the River announced today it has reached and exceeded the 100-sale threshold.  Anchoring a now-bustling area just south of downtown at the confluence of the city’s rivers, The Point on the River represents a remarkable turnaround story in the context of the worst condominium market ever experienced in downtown Milwaukee.  The property contains a total of 147 condominium homes.

In May 2008, Mandel Group was selected by the court-appointed receiver Michael S. Polsky to devise and execute a recovery strategy for the $80+ million asset.  “The Point on the River has performed well above our expectations given the condition of the market.” observed Robert B. Monnat, Partner and COO of Mandel Group, Inc.  A grand opening in February, 2009 kicked off the current sales effort.

“The Point on the River is one of the best-performing condominium assets in work-out mode I’ve experienced.  The sales volume is impressive given the continued tepid news we receive from the for-sale housing market.” Polsky commented.

To celebrate the occasion and kick off its Spring sales effort, The Point on the River launched a “100 is a lot” marketing campaign.  Over the next several weeks the property sales team will be hosting on-site events in conjunction with area merchants.  For the first week, Thief Wine, the popular Public Market-based wine store and tasting bar, has partnered with the property on a series of wine-oriented promotional activities.  A Thursday, February 10th after-work wine tasting takes place today between 4:30 and 6:30 PM at The Point on the River’s sales center.  Promotional items include coupons for special discounts at Thief Wine, and a drawing for an incredible bottle of top-rated wine rounds out the week’s activities.  

Participating businesses in coming weeks include Alterra Coffee, Milwaukee Cupcake Company, and the soon-to-open Screaming Tuna restaurant located in The Point on the River building.  “We wanted to work with businesses that define The Point on the River neighborhood” explained Tracy Bredow, Marketing Director for Mandel Group.  “All of our business partners epitomize the quality of lifestyle and walk-to neighborhood experience available right outside your front door.”

Completion of The Point on the River is being funded by a consortium of banks involved with the original construction financing for the project.  Many of these participating banks have further provided favorable mortgage loan financing for qualified buyers.

The Point on the River is being developed by Mandel Group on behalf of Receiver Michael S. Polsky.  The exclusive sales agent is Garrison Partners of Chicago, IL.

About The Point on the River | 147 condominium homes ranging in price from $160,000 to $1,500,000.  Located at 106 West Seeboth Street, Milwaukee, WI  53204.  Website:   http://www.thepointontheriver.com   Sales Center:  414-298-1600

About Mandel Group | Mandel Group, Inc. is a national award-winning builder and developer headquartered in Milwaukee.  Among its developments in the metropolitan area are University Club Tower, a 36 story, $100+ million high rise luxury condominium tower on Milwaukee’s lakefront;  Marine Terminal Lofts, a $40 million development comprised of 83 condominiums and 45,000 square feet of commercial space in Milwaukee’s Historic Third Ward;  and The North End, a new downtown neighborhood with over 500 residences and neighborhood retail space beginning construction on the site of the former US Leather tannery in the Park East Corridor.   www.mandelgroup.com.

About Garrison Partners | Garrison Partners is a full-service marketing and sales consulting firm that specializes in residential real estate. Founded in 1994, Garrison Partners’ portfolio of current assignments includes properties in the metropolitan areas of Chicago; Milwaukee; Minneapolis; St. Louis; Omaha, and Dallas/Ft. Worth.  Since inception Garrison Partners has directed the marketing and sales for major residential real estate in the form of new construction, adaptive re-use and condominium conversions throughout the U.S.  www.garrisonpartners.com

For Further Information:  Robert B. Monnat, Chief Operating Officer, Mandel Group, Inc.  | 414.270.2741   | rbmonnat@mandelgroup.com