Chicago & Midwest + North Side + Senior Housing | July 15, 2021

Northmarq Chicago Arranges $19.2M Senior Housing Refinance

Evergreen Completes Conversion of Ravenswood Hospital into Seniors Housing

Evergreen Real Estate Group, Synergy Construction Group and the Chicago Housing Authority on Wednesday announced the completion of construction and start of move-ins at Ravenswood Senior Living, a 193-unit affordable rental community at 1922 W. Sunnyside Ave. in the North Side’s Ravenswood neighborhood.

The $81-million project converted the former Ravenswood Hospital, built in 1974 and vacant since 2002, into senior housing. Reportedly it’s the first development of its kind in Illinois and one of the first nationally to offer both independent living and supportive living for low-income seniors in a single location.

“A year and a half after breaking ground, we are proud to announce the completion of this important and long-awaited project that creates affordable senior housing where none previously existed,” said Jeff Rappin, founder and chairman of Evergreen. “Ravenswood Senior Living shows that solutions to the affordable housing shortage can be found right in our backyard.”

Photo: Andrew Bruah.

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About Paul Bubny

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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