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Habitat Co. Welcomes Residents to one of Chicago’s First ETOD
The Habitat Company has completed the 99-unit Phase 1 residential building 43 Green, the first equitable transit-oriented development (ETOD) on Chicago’s South Side, and residents moved into the 10-story property earlier this month.
The development features 5,500 square feet of retail space, and earmarked retail tenants are currently in long-term lease negotiations. Construction of 43 Green is led by a joint venture of Bowa Construction, McHugh Construction, and architect Landon Bone Baker. Habitat also closed on the land and construction financing for Phase 2 of the $100 million, mixed-income, mixed-use project with an additional 80-unit residential building.
Phase 2 of 43 Green is financed with a HUD-insured Section 221(d)(4) first mortgage originated by Bellwether Enterprise Real Estate Capital; LIHTC from the City of Chicago and acquired by Fifth Third Bank through Stratford Capital Group; Chicago Department of Housing gap funding via a TIF grant and HOME loan; and a construction loan from Fifth Third Bank of Chicago.
