CIBC Lends on West Side Supportive Housing Project
CIBC’s Community Development team is providing a total of $27.9 million in construction financing for The Foglia Residences, a partnership between The Chicago Lighthouse and Brinshore Development LLC. The bank’s $30.2-million equity investment will create 76 units of affordable permanent supportive housing on Chicago’s West Side.
The Foglia Residences will be a new-construction development in the Illinois Medical District and reportedly is the first project financed by Low-Income Housing Tax Credits in the country specifically targeted to households experiencing blindness or vision impairment.
“CIBC’s financial commitments to The Foglia Residences supports the needs of the visually impaired in terms of affordability and safety,” said Michael G. Capatides, senior EVP and group head, U.S. region. “We are passionate about this project because it’s the first in the US to bring this level of security to our visually impaired and veteran communities.”
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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