Associated Bank provided an equity investment totaling $9,450,000 of Low-Income Housing Tax Credit (LIHTC) and Federal Historic Tax Credit (HTC) for the rehabilitation of two historic apartment buildings at 5012 N. Winthrop in the North Side’s Uptown neighborhood. Mercy Housing Lakefront is the project developer for the renovation of the Major Jenkins Apartments, two connected, four-story elevator buildings originally built in 1928.
Associated Bank’s Teresa Rubio partnered with RBC Community Investments to provide the equity investment. Having previously operated as a hotel, Major Jenkins Apartments were rehabbed previously in the early 1990s. Upon completion of the current renovations, there will be 156 units designated as supportive housing.
“The property is located in a diverse, vibrant neighborhood, and this project will ensure that permanent supportive housing continues to be available to residents in the community for years to come,” said Mark Angelini, president of Mercy Housing Lakefront.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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