Cinnaire invested more than $10 million in Low-Income Housing Tax Credit equity to build Montclare Senior in the North Lawndale community area of Chicago, Illinois. Montclare Senior will be mixed income, with 108 affordable housing units and 12 market rate units.
Other sources of financing for Montclare Senior include a $12,300,000 permanent loan from LOVE Funding; an equity bridge loan of $10,500,000 from GLCF Fund 28; a $1,200,000 Bridge Loan from Midland States Bank; $3,005,000 in HOME funds from the City of Chicago. The general partner in the transaction will provide a $2,191,036 in grant funds. Cinnaire Lending provided a pre-development loan of $635,000 to ensure the project’s success.
The six story building will be comprised of studio style and two-bedroom apartments, as well as a common dining area, library and computer center, a wellness center, and a physical therapy room.
Montclare Senior will occupy approximately 4 acres of land, two miles south of the Eisenhower Freeway. The land is being donated to the development by the City of Chicago. The site is approved under the Illinois Supportive Living Program. The program provides elderly or persons with physical disabilities housing with services, depending on the population served by the facility. These services include laundry, house-keeping, transportation, health monitoring, and wellness programs. The goal of the Supportive Living Program is to preserve privacy and autonomy, while emphasizing health and wellness for persons who would otherwise need nursing facility care.
“This type of project gets to the heart of what Cinnaire is all about. We are making a positive impact in people’s lives, while helping to create a more stable, sustainable, and vibrant community.” Cinnaire President and CEO, Mark McDaniel, said. “We are fortunate to work with a top notch development team and I am thankful for the support this project has received from the City of Chicago and the Illinois Supportive Living Program.”
The development team for this exciting project includes: developer, MR Properties, LLC; general contractor, Safeway-Brown-Duffing Joint Venture; architect, Worn Jerabek Wiltse Architects, P.C.; property management company, Gardant Management Solutions; accountant, FLS Group, LLC; developers council, Applegate & Thorne-Thomsen.
