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.
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).