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Chicago & Midwest  + Chicago  + Illinois  + South Side  + Senior Housing  | 

KeyBank Provides $34M in Financing for Chicago Senior Apartments

KeyBank Community Development Lending and Investment (CDLI) provided $ 34.3 million in construction and permanent financing through the HUD 221(d)(4) Mortgage Insurance program to facilitate the rehabilitation of six low-income apartment buildings in the South Shore of Chicago. Leslie Meyers and Robbie Lynn of KeyBank CDLI structured the HUD financing, and Sam Adams of KeyBanc Capital Markets marketed the bonds.

The 6900 Crandon Apartments provides 151 units for elderly and disabled residents, and the remaining five apartment buildings provide 126 units for families. The sponsor for the South Shore apartments is Evergreen Real Estate Group, a fully integrated real estate company that develops, acquires, and manages affordable and market-rate multifamily communities across 12 states.

The properties are owned by a LIHTC partnership created by the Housing and Human Development Corporation, a nonprofit public housing facility in Chicago. The project also received LIHTC and tax-exempt bond allocations from the Illinois Housing Development Authority. KeyBanc Capital Markets served as the sole manager and underwriter for the $55.1 million bonds.

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About Jasmine Kilman

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.

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