Berkadia Affordable Housing has closed a $19.4-million Low-income Housing Tax Credit (LIHTC) investment that will facilitate the new construction of Park Station Lofts, an affordable housing community in Chicago’s Woodlawn neighborhood. The project is part of the Woodlawn Choice Initiative to preserve and create affordable housing to minimize displacement and ensure community stabilization.
“We are taking one more step towards alleviating Chicago’s affordable housing crisis,” said Susan Moro, managing director and head of transaction management, Berkadia’s Affordable Housing team.
The property is being co-developed by Michaels Development Company and DL3 Realty Advisors. “Michaels is excited to expand our South Side presence with this community-driven development,” said Greg Olson, Regional Vice President of Michaels Development.
Equity and debt are being provided by BMO Financial Group as the investor, construction lender, and permanent lender. Park Station is the first lower-tier property closing into a newly established BMO-Berkadia LIHTC equity fund.
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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