KeyBank Community Development Lending and Investment (CDLI) has recently provided $34.3 million in financing through the HUD 221(d)(4) Mortgage Insurance program to support the rehabilitation of six low-income apartment buildings in Chicago’s South Shore neighborhood. The financing was structured by Leslie Meyers and Robbie Lynn of KeyBank CDLI, with marketing assistance from Sam Adams of KeyBanc Capital Markets.
The project includes a total of 277 units, with 151 designated for elderly and disabled residents at the 6900 Crandon Apartments, while the remaining five buildings will provide housing for families. Evergreen Real Estate Group is leading this development as a fully integrated real estate company that specializes in affordable and market-rate multifamily communities across multiple states.
These properties are owned by a LIHTC partnership established by Housing and Human Development Corporation, a nonprofit public housing facility based in Chicago. Additionally, funding was also secured through LIHTC allocations from Illinois Housing Development Authority. The bonds totaling $55.1 million were underwritten solely by KeyBanc Capital Markets.
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