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CIBC Lends on West Side Supportive Housing Project
CIBC’s Community Development team is providing a total of $27.9 million in construction financing for The Foglia Residences, a partnership between The Chicago Lighthouse and Brinshore Development LLC. The bank’s $30.2-million equity investment will create 76 units of affordable permanent supportive housing on Chicago’s West Side.
The Foglia Residences will be a new-construction development in the Illinois Medical District and reportedly is the first project financed by Low-Income Housing Tax Credits in the country specifically targeted to households experiencing blindness or vision impairment.
“CIBC’s financial commitments to The Foglia Residences supports the needs of the visually impaired in terms of affordability and safety,” said Michael G. Capatides, senior EVP and group head, U.S. region. “We are passionate about this project because it’s the first in the US to bring this level of security to our visually impaired and veteran communities.”
- ◦Development
- ◦Financing


