
Housing Trust Group Enters Illinois with Arlington Heights Project
Affordable housing developer Housing Trust Group (HTG) has closed on financing and broken ground on Crescent Place, an $18.2-million project in Arlington Heights, IL, its first in the state of Illinois. A joint venture between HTG and nonprofit developer Turnstone Development Corporation, Crescent Place is scheduled to deliver in the spring of 2023.
“We are delighted to enter the state of Illinois with the development of Crescent Place, which will provide 40 high-quality, affordable apartments for small families and young professionals who want to live close to where they work,” said Matthew A. Rieger, president and CEO of HTG.
Funding sources for Crescent Place include a $10.9-million construction loan and $1.6-million permanent loan from BMO Harris Bank; $12.1 million in 9% Low Income Housing Tax Credit Equity from National Equity Fund; $4 million from the Illinois Housing Development Authority; and a $110,214 ComEd grant for building to energy efficient standards.
- ◦Development
- ◦Financing