KeyBank Community Development Lending and Investment (CDLI) has provided $34.3 million in financing for the rehabilitation of six low-income apartment buildings in Chicago’s South Shore neighborhood. The funding was secured through the HUD 221(d)(4) Mortgage Insurance program, with Leslie Meyers and Robbie Lynn from KeyBank CDLI leading the structuring process and Sam Adams from KeyBanc Capital Markets handling bond marketing.
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 provide housing for families. Evergreen Real Estate Group is serving as sponsor for this development, bringing their expertise 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 & Human Development Corporation, a nonprofit organization focused on public housing facilities in Chicago. In addition to securing financing through HUD’s program, this project also received LIHTC allocations along with tax-exempt bonds from Illinois Housing Development Authority (IHDA). The $55.1 million bond issuance was underwritten solely by KeyBanc Capital Markets.
In March of 2024, Joe’s Live in Rosemont will host Connect Industrial Midwest – an event dedicated to showcasing industrial real estate trends throughout Midwestern markets such as Chicago . To learn more about attending or sponsoring this event , please click here .
