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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.
- ◦Development
- ◦Financing


