Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Berkadia, BMO Finance Woodlawn Multifamily Project
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.
- ◦Development
- ◦Financing
