Chicago & Midwest + North Side + Finance | October 10, 2022

NHPF Recapitalizes Redevelopment of Lincoln Park SRO

The NHP Foundation has closed recapitalization of the Covent Hotel, an SRO property in Chicago’s Lincoln Park neighborhood that the organization acquired in 2016. The redevelopment is made possible with financing from Merchants Capital, R4 Capital, the City of Chicago, and Illinois Housing Development Authority (IHDA).

The investment is NHPF’s second SRO deal in Chicago, with a total development cost of $21.6 million. This amount includes $7.9 million in federal Low Income Housing Tax Credits and Historic Tax Credits, $5 million of City Home and Affordable Housing Opportunity Funds, $3.1 million in IHDA Permanent Supportive Housing Funds and $4.9 million of a HUD/FHA 220 loan.

“Covent Apartments is so important to this community as it extends affordability to extremely low-income, homeless individuals or individuals on the verge of homelessness,” said Mecky Adnani, lead developer and SVP, NHPF. “Importantly, the property also offers the only Permanent Supportive Housing in Lincoln Park.”

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About Paul Bubny

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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