Chicago-Area Senior Community Breaks Ground
Located in Evanston, the $25 million affordable property will offer 60 units for senior residents.
Evanston Senior Housing. Image courtesy of Evergreen Real Estate Group
Construction has launched on Evanston Senior Housing, a $25 million affordable rental property in Evanston, Ill., developed in a partnership between Evergreen Real Estate Group, CJE SeniorLife, and U.S. Bancorp Community Development Corp.
Located at 1011 W. Howard St., roughly 12 miles north of downtown Chicago, the 60-unit property will accommodate residents 62 and older who earn up to 60 percent of the area’s median income.
A group of partners provided financing for the project, including IFF with a pre-development loan, U.S. Bank with construction and mortgage loans, U.S. Bancorp Community Development Corp. as the tax credit investor and the city of Evanston providing HOME and local Affordable Housing Funds. The Illinois Housing Development Authority supplied the Low Income Housing Tax Credits and the Illinois Affordable Housing Tax Credits. Other parties included the Housing Authority of Cook County, which provided project-based vouchers for 30 units and the ComEd Energy Efficiency Program.
Complementary neighboring facilities
The 4-story, 73,017-square-foot property will be situated next to the existing CJE SeniorLife Adult Day Services center. The community will comprise 54 one-bedroom and six two-bedroom units, located on floors two to four, as well as two levels of parking. Common-area amenities include a community and fitness room, a laundry room, terraces and lounge areas on each floor.
Evergreen Construction Co. is the general contractor on the project and is also in charge of renovations at the existing Adult Day Services center. The two adjacent facilities with separate entrances will share the senior community’s second-story outdoor terrace. The energy efficient affordable property is designed according to LEED Silver standards.
Earlier this year, Evergreen secured a $16.3 million HUD loan for the refinancing of another Chicago-area affordable senior housing community. Built in the 1970s, The Park Tower rises 14 stories and houses 134 units.
