The Chicago office of the mortgage banking company Merchant capital recently secured funding for the development of the Montclare retirement homes in Calumet Heights, located in the Chicago suburb of Calumet Heights, Illinois.
Funding for the project was secured through the US Department of Housing and Urban Development (HUD) 221 D4 program. The project was carried out in partnership with MR Properties, LLC and Patti Ann Charitable Services.
Located in the historic “Pill Hill” district on the south side of Chicago, the senior housing property serves people 62 years and older in 134 one and two bedroom units, with 104 units reserved for income earners. extremely weak, very weak and weak. households earning no more than 60 percent of the region’s median income. Within these 104 designated units, 34 units will be subject to a HAP contract based on the Section 8 project administered by the Chicago Housing Authority and 21 units will have tenants who have been referred by the Statewide Referral Network.
The property will also include 30 market-priced units with no income restriction, 14 accessible units (compliant with the U.S. Disability Act) and three units with special accommodations for the visually and hearing impaired.
Merchants Capital served as the lead lender for the project, securing a construction loan and a non-recourse permanent loan under the 221 D4 program, offering a term of 40 years and amortization of 40 years.
“We are a leading advocate for building and preserving affordable housing for all Americans, including our seniors in Chicago,” said Alan Cravitz, senior vice president of Merchants Capital’s Chicago office.
Executive Vice President Lee Oller, also with the Chicago office of Merchants Capital, co-hosted this financing with Cravitz.
Built on part of a previously vacant five-acre lot in the far south of Chicago, Montclare Senior Residences of Calumet Heights has great amenities for its residents, including a community room with a heated kitchen, a fitness center , a medical examination room, a multimedia room, a library, a laboratory computer, beauty salon, centralized mail room and laundry room. Outside, residents can enjoy landscaped grounds and walking trails.
Once construction is complete, the resort is one of seven Montclare developments in the Chicago area. For this project, an estimate of 464,000 hours of work was provided 100% by the union workforce, creating over 300 construction jobs during construction and seven full-time positions on site to operate the project. ‘installation.
Calumet Heights Montclare Seniors Residences are located at 9401 S. Stony Island Ave., which is central to local transportation, health care offices, and retail outlets.