McConnell Joins MDC As VP of Lending & Investments

McConnell Joins MDC As

VP of Lending & Investments

Madison, WI – August 23, 2019 – Madison Development Corporation (MDC), an economic development agency founded in 1977 by the City of Madison, announces the appointment of Frederick A. McConnell Jr. as Vice President of Lending & Investments. As a key member of MDC’s Executive Management Team, McConnell will oversee the Lending & Investments Division for MDC and its affiliate, Dane County Development Corporation.

Prior to joining MDC, McConnell served as a Vice President of Corporate Banking at Associated Bank, Madison. He has extensive experience in commercial lending, real estate and giving back to the community.

“We are excited to have Frederick join our team,” said Lorrie Keating Heinemann, MDC’s President & CEO. “His financial experience in commercial lending and real estate will be a great fit for MDC.”

“MDC, led by the lending work of Dave Scholtens, has a long legacy of supporting, encouraging, and helping develop businesses in the Madison and Dane County areas.  We are excited to bring Fred McConnell to the team to continue this important work of creating well-paying jobs in our communities,” said Tom Golden, MDC Board Member and Chair of the Business Lending Committee.

MDC Venture Debt Fund Chair Mary Strickland added, “We look forward to having Fred grow our lending programs across the Madison community.”

Fred follows Dave Scholtens, MBA, a finance expert who has led MDC’s Lending & Investments Division for 35 years before his pending retirement this fall.

Frederick holds an M.B.A. in Finance and Real Estate Investments from DePaul University and his undergraduate degree in Business & Psychology from Northwestern University in Chicago. Originally from Michigan, Fred was recruited by the Wildcats in 2003 and played as an Offensive Lineman throughout his undergrad degree.

He lives in Sun Prairie with his wife Constance and daughter Serenity.

About Madison Development Corporation

Madison Development Corporation is a non-profit organization that owns and manages 305 affordable housing units in the Madison area and is developing 44 more units of affordable, workforce housing that will be available for occupancy in Summer 2020.

MDC also provides financing for hard-to-finance businesses in Dane County. Since 1977, MDC has provided loans to more than 450 businesses totaling over $35 million; helping to create over 5,000 quality jobs in Dane County.

MDC’s partnership with the City’s CDBG program and with Community Banks in its Venture Debt Fund has allowed MDC to finance over 450 companies in Dane County including Nordic Consulting, TomoTherapy, Willy St Co-Op, Monty’s Blue Plate Diner, PerBlue Entertainment, ImageMover, Networked Insights, Phoenix Nuclear, Invenra, and Polco.

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MDC AVENUE PROJECT UPDATE

Ground has been broken! On July 22nd, MDC’s Staff, Board, and Partners gathered together to officially start construction on its 44-unit affordable, workforce housing building - named The Graaskamp after beloved UW-Madison Professor James A. Graaskamp - located at 1946 E. Washington Avenue.

We are now accepting applications for the Graaskamp for leases beginning in late summer!

Press Release

Channel 3 Coverage

MDC is pleased to announce that its 44-unit affordable, workforce housing project passed the City Council on 3/19/19. Construction on the project will begin on 7/8/19 will be completed by the summer of 2020.

Thank you to all who have provided support and advice on this project!

Wallhaus Joins MDC as VP of Finance & CFO

July 3, 2018 (Madison, WI) — Madison Development Corporation (MDC), a non-profit organization serving the residents and businesses of Dane County, announces the appointment of Abbie Wallhaus as Vice President of Finance & CFO. As a key member of MDC’s Executive Management Team, Wallhaus will oversee all Accounting and Finance functions for MDC and its affiliates.

Prior to joining MDC, Wallhaus served at Bethel Foundation as the Director of Finance, and Treasurer of the Foundation. She has extensive experience working within the non-profit and for-profit sectors.

“We are excited to have Abbie join our team,” said Lorrie Heinemann, MDC President & CEO. “Abbie’s financial experience will be a great asset to both our property and investment portfolios.”

Abbie holds an M.B.A. with concentrations in Finance and Accounting from the University of Chicago – Graduate School of Business, as well as a degree in Electrical Engineering from Southern Methodist University in Dallas, Texas.

She lives in Madison with her husband Tom, and two daughters, Taylor and Truely.

About Madison Development Corporation

Madison Development Corporation is a non-profit organization that owns and manages 313 affordable housing units in the Madison area and provides financing for hard-to-finance businesses in Dane County. Since 1977, MDC has provided loans to more than 450 businesses totaling over $35 million; helping to create over 5,000 quality jobs in Dane County.

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2017 Letter From Board Chair and President

Dear Madison Development Corporation Partners and Friends:

We are pleased to be celebrating our 40th Anniversary in 2017. Madison Development Corporation (MDC) was formed on November 11, 1977, for “charitable, scientific, literary and educational purposes” with the activities of the corporation being directed to “the benefit of the Madison Community.”

We have indeed benefited the Madison community through our business lending, affordable housing and venture financing programs.

In 1979, we launched our Business Lending Program under the leadership of Roger Ganser, our first MDC President. Initial financing was received via a $500,000 Community Development Block Grant from the City of Madison under the leadership of Mayor Paul Soglin. Since its inception, our Business Lending Program has provided more than $23 million in loans to over 400 Madison businesses, which created 3,500 jobs in the city.

Under the leadership of Frank Staniszewski, our second MDC President, we built our housing portfolio to 253 units. We pride ourselves on providing quality, affordable housing for the working people of Madison. Under the strong leadership provided by our volunteer board, we continue to own and manage our properties, which are located throughout the City of Madison and the City of Middleton.

In 2005, our Vice President of Lending, Dave Scholtens, co-founded our Venture Debt Fund with Frank so that MDC could provide high-tech companies with the critical financing needed to grow and expand their companies here in Dane County. Since inception, this fund has provided over $13 million to 46 companies and these organizations created over 1,400 high quality jobs in Dane County. Our fund investors include WHEDA, Madison Gas and Electric (MGE), community banks and local economic development organizations.

We could not fulfill our mission without our key partners: our Board of Directors, the City of Madison, our investors and our committed MDC staff members who empower people by providing quality housing and financing for business ventures on a daily basis. We thank you all for your support of MDC over our first 40 years and look forward to continuing our partnership with you for many more years to come!

MDC Board Chair Ron Trachtenberg

MDC President Lorrie Heinemann

2016 Annual Message

Madison Development Corporation (MDC’s) goal is to provide quality self-sustaining jobs through loans and venture capital to small businesses and innovative businesses as well as providing quality affordable housing for Madison and Dane County residents.

MDC’s lending programs provide loan and venture capital to both traditional small businesses and cutting edge technology companies.  With access to capital still difficult for small businesses and technology start-ups, MDC plays an important and necessary role in providing funding to these individuals and companies.  As Dane County’s economy continues to grow, job creation is critical.  The impact that MDC borrowers have is substantial with over 588 employees and 171 new hires in 2015.  MDC borrowers include individuals pursuing the dream of owning a business as well as companies with the vision and technology that could become the next big breakthrough.  MDC has also been successful in targeting women, minority and disadvantaged businesses.  Most of these firms have a very difficult time accessing capital.  We are proud to say that MDC funded businesses have had great success and become major Dane County employers.

With even tightening apartment vacancies, apartment rents in Dane County have increased such that housing for many residents is no longer affordable. The property management team and entire staff at MDC have worked hard to provide quality, affordable housing options. The success of the housing program is reflected in the high number of residents served who have income levels of less than 50% of the median income level. Housing is critical for the economic self-sufficiency of our residents.

In addition to our existing housing portfolio and last year’s development of new housing on South Park Street, MDC is now developing our largest new development project to date in downtown Madison which will provide 46 units.  At least 75% of the units should be affordable to low income residents.  This is especially important as downtown rents continue their rapid rise.

Frank and the entire staff have shown passion and energy to continue the mission of MDC for the betterment of our community.  Their vision for MDC has led to new avenues for growth and options to provide valuable services to our customers and residents.  Frank and the staff have strategically positioned MDC for the future by taking advantage of long term, low interest rate financing. 

I would personally like to thank our numerous committee members and the Board for their time and commitment to MDC.  On behalf of the Board, I would like to thank our departing President, Frank Staniszewski. Through his leadership, MDC has grown its lending and housing programs to become a major player in Madison’s growth and economic development.  We are grateful for his service.

Mary Strickland

Chair, Madison Development Corporation Board of Directors

2015 Annual Meeting Message

The goal of Madison Development Corporation (MDC) is to provide quality, self-sustaining jobs through loans to small and innovative businesses. MDC also provides affordable housing for Madison and Dane County residents.

MDC’s lending programs have provided capital to both traditional small businesses and cutting edge technology companies. With access to capital still difficult for small businesses, MDC plays an important and necessary role in providing funding to these individuals and companies. As Dane County’s economy continues to grow, job creation is critical. The impact that MDC borrowers have is substantial with over 775 employees and 185 new hires in 2014. MDC borrowers include individuals pursuing the dream of owning a business as well as companies with the vision and technology that could become the next big breakthrough. MDC has also been successful in targeting women, minority and disadvantaged businesses. Most of these firms have a very difficult time accessing capital. Many MDC funded businesses have had great success and become major Dane County employers.

Apartment rents in Dane County have increased such that housing for many residents is no longer affordable. The property management team and entire staff at MDC have worked hard to provide quality, affordable housing options. The success of the housing program is reflected in the high number of residents served who have income levels of less than 50% of the median income level. Housing is critical for the economic self-sufficiency of our residents.

MDC has also expanded its housing in the South Park Street neighborhood. We have recently completed a new housing development of 11 townhouse apartments which will provide much needed new housing in this neighborhood. With the addition of the most recent units, MDC has the opportunity to further its positive impact in the neighborhood by transitioning poorly managed and maintained housing into much needed quality apartments. We are also working on a major new housing development to provide affordable apartments downtown. 

Frank and the entire staff have shown passion and energy to continue the mission of MDC for the betterment of our community. Their vision for MDC has led to new avenues for growth and options to provide valuable services to our customers and residents. Frank and the staff have strategically positioned MDC for the future by taking advantage of long term, low interest rate financing.

I would personally like to thank the Board for their time and commitment to MDC. Special thanks are also extended to Director Mark Taber for his service on the Board. His lending expertise will be especially missed after his Board term expires this June.

Mary Strickland - Chair, Madison Development Corporation Board of Directors

2014 MDC Chair of Board of Directors Message

Madison Development Corporation (MDC’s) goal is to provide quality, self-sustaining jobs through loans to small businesses and innovative businesses. MDC also provides affordable housing for Madison and Dane County residents. 

MDC’s lending programs have provided capital to both traditional small businesses and cutting edge technology companies. With access to capital still difficult for small businesses, MDC plays an important and necessary role in providing funding to these individuals and companies. As Dane County’s economy continues to grow, job creation is critical. The impact that MDC borrowers have is substantial with over 708 employees and 119 new hires in 2013. MDC borrowers include individuals pursuing the dream of owning a business as well as companies with the vision and technology that could become the next big breakthrough. MDC also targets women, minority and disadvantaged businesses. Most of these firms have a very difficult time accessing capital. Many MDC funded businesses have had great success and become major Dane County employers.

Apartment rents in Dane County have increased such that housing for many residents is no longer affordable. The property management team and entire staff at MDC have worked hard to provide quality, affordable housing options. The success of the housing program is reflected in the high number of residents served who have income levels of less than 50% of the median income level. Housing is critical for the economic self-sufficiency of our residents.

MDC has also expanded its housing in the South Park Street neighborhood. We have recently broken ground on a new housing development which will provide much needed new housing in this neighborhood. With the addition of the most recent units, MDC has the opportunity to further its positive impact in the neighborhood by transitioning poorly managed and maintained housing into much needed quality apartments.

Frank and the entire staff have shown passion and energy to continue the mission of MDC for the betterment of our community. Their vision for MDC has led to new avenues for growth and options to provide valuable services to our customers and residents. Frank and the staff have strategically positioned MDC for the future by taking advantage of long term, low interest rate financing.

I would personally like to thank the Board for their time and commitment to MDC. Special thanks are also extended to former Directors: Ruth Ann Schoer, Joan Phillip and County Supervisor Jeff Pertl for their service on the Board. Ruth Ann was a long term MDC Board member and a tireless advocate for the disadvantaged residents of our community.

Mary Strickland - Chair, Madison Development Corporation Board of Directors