CIBC has announced financing for an affordable housing initiative, including a $17.6 million construction loan, a $708,000 permanent loan and a $26 million investment in Boulevard Apartments Preservation, LP. The funding will be used to acquire and rehabilitate the existing Boulevard Apartments in Chicago.
“The Boulevard Apartments project is an important step towards addressing the affordable housing crisis in Chicago,” said Tony Hernandez, head of Community Investment at CIBC Bank USA. “By preserving and improving these units, we are committed to creating stable and affordable housing options for low-income individuals and families in the community.”
The project, which consists of three buildings including a mix of 70 units ranging from studio to four-bedroom floorplans, aims to maintain affordable housing in Chicago’s Logan Square, West Town and Humboldt Park neighborhoods. Renovations will include modernized appliances, new energy-efficient furnaces, and electrical systems and light fixtures upgrades.
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Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.