Chicago—The four-story affordable senior housing building Sangamon Terrace has recently finished construction, Evergreen Real Estate Services announced. The 24-unit community is located at 6145 S. Sangamon Terrace, near 63rd and Halsted in Chicago’s Englewood neighborhood.
The $8.8 million development received $4.3 million through the Department of Housing and Urban Development’s (HUD) Section 202 program, which was created to finance the development and preservation of supportive housing for low-income seniors. Although Section 202 provides rental assistance to residents of existing communities, funding for new construction hasn’t been available since 2012. Sangamon Terrace also received $3.1 million in low-income housing tax credits, administered by the Illinois Housing Development Authority (IHDA), and $1.4 million from a City of Chicago HOME loan. Evergreen Real Estate Services structured and closed the mixed-finance transaction in collaboration with its affordable housing development partner, VeriGreen Residential Development.
Adding to the busy intersection, Whole Foods Market plans to open an 18,000-square-foot store across the street from the senior housing community in August 2016 in a new retail center that will also house Chipotle and Starbucks, among other tenants. And next door to the senior housing building is the 40-acre, six-building Kennedy-King College campus, part of City Colleges of Chicago.
“Fortunately for Englewood-area seniors, we were able to receive approval and structure financing for Sangamon Terrace Apartments before the HUD 202 program for new developments was defunded,” said Stephen Rappin, president of Evergreen. “Sangamon Terrace adds 24 affordable senior housing residences to one of the neighborhoods that need it most, underscoring the city’s commitment to the revitalization of Englewood. Residents will also benefit from the major new investment made by the City of Chicago in Englewood Square, a Whole Foods-anchored retail complex across the street.”
Sangamon Terrace is connected by a ground-level corridor to the adjacent 123-unit Bethel Terrace, an existing senior housing community, also managed by Evergreen Real Estate Services. “The new building was designed so Bethel Terrace residents could benefit from sharing resources like Sangamon Terrace’s support staff and community space,” said Rappin.
Residents are seniors age 62 or older. Each unit includes one bedroom, a full bathroom, living/dining room and an open kitchen. The new building also includes a large community room and laundry facilities.
The Sangamon Terrace project team included Chicago-based firms Harley Ellis Devereaux as project architect, The Richman Group Affordable Housing Corp. as tax credit syndicator, Citi Community Capital as construction lender and Joseph J. Duffy Co. as general contractor
Rendering Courtesy of Taylor Johnson.