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C&F 89TH &
LOOMIS JOINT VENTURE
Brainerd Senior Center
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The Coates & Friedman 89th
& Loomis Joint Venture
was designated as the redeveloper of a one-and-a-half block
commercial district on
Chicago
's South Side in August 1993. An affiliate of S. B. Friedman
& Company is the joint venture partner in this project.
Located at the Brainerd train stop on the Rock Island Commuter
line, the objective of the project is to create a town center
for the Brainerd Community.
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A Chicago Public
Library branch and a new Metra Commuter rail station have been
completed as has a 60-unit senior citizen apartment building.
We completed
market assessments for all uses, a general development plan and
financial projections for the entire project. In May 1998, the Venture
received preliminary approval for Low Income Housing Tax Credits and
Home Funds to finance the 60-unit seniors housing component. IDHA also
allocated funds to the seniors’ center project. Construction of the
seniors building began in March 2000.
S. B. Friedman
& Company prepared
market assessments for the seniors’ project as well as preparing
funding applications for tax credits, home funds, trust fund bonds,
AHP (FHLB) funds, private debt, and tax credit equity. The firm
provided support to the Venture in all aspects of planning and
implementing the project include zoning, community relations, design,
and the permit process.
Results:
The project was completed on time and within budget and was fully
leased ahead of schedule. The project budget totaled $6.8 million.
Financing was arranged as follows:
Chicago Equity Fund and Richman Group – Tax Credit Supported Equity
$ 3.6 million
Harris Bank First Mortgage
$ 0.9 million
Chicago Department of Housing Second Mortgage
$ 1.8 million
IHDA Trust Fund Third Mortgage
$ 0.5 million
Total
$ 6.8 million
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