NHPF Lands Financing for Chicago Asset
The firm acquired the affordable senior housing community for $6 million in 2019.
Edwin C. Berry Manor Apartments
The NHP Foundation, an affordable housing nonprofit, has obtained $18.3 million in financing for the renovations of the Edwin C. Berry Manor Apartments in Chicago. The asset is a senior 202, Section 8 community, featuring 57 units.
The funds were secured through a series of investors. A Federal LIHTC/NAHT investor provided $6.5 million, the IHDA Housing Trust Fund financed $1.7 million and another $5.8 million of a HUD/FHA 221d4 loan was secured through Merchants Capital. ComEd Grant also lent $110,000.
NHPF purchased the community in 2019 for $6 million from the Woodlawn Community Development Corp., according to Yardi Matrix data. Composed of studio and one-bedroom apartments, the senior housing development is fully affordable.
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Rehabilitation plans include the renovation of all units as well as the community room and lobby. There will also be MEP system upgrades and landscaping.
Located at 737 E. 69th St., the Edwin C. Berry Manor Apartments is situated around several new investment assets as well as the site for the future Obama Library. According to The Obama Foundation, the library broke ground in September 2021. Once completed it will feature a sledding hill, a play area and walking paths to the Center Jackson Park.
Construction on the Chicago community is set to finish in a year. Following renovations, Realty & Mortgage will continue to manage the property while Operation Pathways, NHPF’s Resident Services provider, will manage on-site programming and resident services.
Earlier this year NHPF secured $56 million in financing for two affordable housing communities in Newark, N.J.
