Chicago-Area Supportive Living Facility Breaks Ground

June 25, 2021

Affordable Housing Chicago Development Finance & Investment More Midwest News Senior Housing

A 100-unit redevelopment project is taking shape some 12 miles west of the city’s downtown.

Maywood Supportive Living. Image courtesy of Skender

Celadon Partners has broken ground on Maywood Supportive Living, a 100-unit redevelopment project situated roughly 12 miles west of downtown Chicago. Gleason Architects was selected to design the supportive living facility, while Skender will serve as general contractor.

Located at 316 Randolph St. in Maywood, Ill., Maywood Supportive Living will replace a long-vacant Baptist retirement home. The new community will comprise a mix of studio and one-bedroom apartments, as well as a commercial kitchen and dining area. The residential units, located on the second through fifth floors, will feature kitchenettes.

Maywood Supportive Living, which will be available for residents earning 60 percent of the area median income, will offer various healthcare and nursing amenities.

The former Central Baptist Home, which has been sitting vacant since 2005, was built in phases. The section built between 1929 and 1930 boasts a Tudor Revival-style, while the additions in 1955 and 1965 reflect a modernist architectural style. The existing building will be stripped down to its foundation, but its original architectural features will be restored—including the first-floor lobby with the terrazzo floors, and the stucco and brick facade. Construction is expected to last 18 months.

Financing the project

According to the Illinois Housing Development Authority, the project has received a $29.7 million construction loan through its conduit bond program, and $24.9 million via the agency’s Risk-Share bond program. Additional financing was provided by KeyBank, U.S. Bank and the NDC Corporate Equity Fund.

The Agency has also allocated $3.5 million in Illinois Affordable Housing Tax Credits toward the redevelopment, while Centrust Bank donated the property. The facility will also be funded by a subsidy from the Illinois Department of Healthcare and Family Services’ Medicaid Waiver Program.

The nearby Lake Street retail corridor offers various shopping and dining options, while the Biomat USA Medical Center is less than a mile away.

Chicago has faced its share of troubles right from the onset of the pandemic, but the market seems to be on a recovery path. According to recent Yardi Matrix data, the metro’s average rent was flat year-over-year as of May, even as most gateway metros remained in negative territory.