Evergreen Lands $16M Refi for Chicago-Area Community
- Jun 16, 2020
Evergreen Real Estate Group has secured a $16.3 million HUD loan to refinance The Park Tower Apartments, a 134-unit affordable community in Joliet, Ill., catering to seniors aged 62 and over and disabled individuals.
Working on behalf of the borrower, NorthMarq arranged the fixed-rate, 35-year financing.
Located at 247 Caterpillar Drive, the 14-story building came online in 1976 with one-bedroom floorplans of 500 square feet. According to Yardi Matrix data, the property became affordable in 2003 under LIHTC provisions, with rent restricted through 2033. All units are set aside to households earning at or below 50 percent of the area median income. Amenities include a walking path, a patio, a flower and vegetable garden and laundry facilities.
The community is roughly 4 miles west of downtown Joliet via U.S. Route 52, just east of Inwood Park. The immediate area holds various shopping and dining options, but also AMITA Health Saint Joseph Medical Center, located a mile northeast of the property.
NorthMarq Senior Vice President & Managing Director Sue Blumberg and Vice President Kevin McCarthy secured the financing.