Michaels Organization, DL3 Advance on Woodlawn Mixed-Income Project
The Michaels Organization and its Chicago-based partner, DL3 Realty, are set to break ground on a new mixed-income, mixed-use, affordable living community in Chicago, following a successful financial closing. The newly constructed Park Station Lofts in the South Side’s Woodlawn neighborhood will occupy a vacant city-owned property near both the University of Chicago and the future Obama Presidential Center.
A transit-oriented development that will be the first in the community to meet the requirements of the Woodlawn Affordable Housing Preservation Ordinance,, the project includes 41 affordable and 17 market-rate units.
Financing for the $35-million development includes Low Income Housing Tax Credit Equity of $19.4 million, Tax Increment Financing of $5 million and City of Chicago HOME funds of $6.5 million. Equity and debt are provided by tax credit syndicator Berkadia Affordable Housing Tax Credit Solutions with BMO Harris as the investor, construction lender and permanent lender.
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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