Two Black-owned banks are participating in a $45 million deal to develop The Trade, a new hotel in Milwaukee's Deer District. The property will be part of Marriott International’s Autograph Collection.
Milwaukee-based Columbia Savings & Loan Association and Atlanta-based 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 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," Feigin said. "That's why we were so pleased that NCG brought two Black banks, including one in Milwaukee, into this deal."
"I'm grateful to play with a team whose front office understands and supports the role and the mission of Black banks in bridging America's racial wealth gap," Bucks point guard Jrue Holiday said. "Every time I leave Fiserv Forum and see this development, I'll be reminded that businesses can support their bottom line and their communities at the same time."
"Deals like this are essential to the growth and sustainability of Black banks," said Brandon Comer, CFO of the National Black Bank Foundation. "Increased opportunities for Black banks to extend credit to large high credit quality borrowers allow the banks to diversify portfolio risk and potentially move funds away from lower-yielding assets, such as government securities, thereby earning more interest income and growing their capital capacity to provide capital for underserved communities of color."
Slated to open in 2023, The Trade will be adjacent to the Fiserv Forum arena. The property will have 205 guestrooms, more than 9,000 square feet of indoor and outdoor meeting space, a restaurant and a rooftop dining venue and bar.