Cinnaire announced it has invested more than $10 million to help build Montclare Senior, a mixed-income community in Chicago’s North Lawndale neighborhood.
Under development by MR Properties, the project will occupy approximately four acres of land, two miles south of the Eisenhower Freeway. The land is being donated by the city of Chicago.
Montclare Senior will be located on a site approved under the Illinois Supportive Living Program. The program provides elderly or persons with physical disabilities housing with services, depending on the population served by the facility. These services include laundry, housekeeping, transportation, health monitoring, and wellness programs. The goal is to preserve privacy and autonomy, while emphasizing health and wellness for persons who would otherwise need nursing facility care.
Montclare Senior will be a mixed-income development, with 108 affordable housing units and 12 market-rate units. The six story building will be comprised of studio style and two-bedroom apartments, as well as a common dining area, library and computer center, a wellness center, and a physical therapy room.
“This type of project gets to the heart of what Cinnaire is all about. We are making a positive impact in people’s lives, while helping to create a more stable, sustainable, and vibrant community,” said Mark McDaniel, Cinnaire president and CEO, in a statement. “We are fortunate to work with a top notch development team and I am thankful for the support this project has received from the city of Chicago and the Illinois Supportive Living Program.”
The development team partners include Safeway-Brown-Duffing, general contractor; Worn Jerabek Wiltse Architects, architect; Gardant Management Solutions, property manager; FLS Group, accountant; and Applegate & Thorne-Thomsen, developers’ counsel.
Cinnaire is providing more than $10 million in low-income housing tax credit equity, and Cinnaire Lending provided a predevelopment loan of $635,000. Other sources of financing for Montclare Senior include a $12.3 million permanent loan from Love Funding; a $10.5 million equity bridge loan from Cinnaire’s GLCF Fund 28; a $1.2 million bridge loan from Midland States Bank; and $3 million in HOME funds from the city of Chicago. The development also uses a $2 million tax increment financing grant and a $191,036 Department of Commerce and Economic Opportunity (DCEO) grant.
Officials held a groundbreaking ceremony for the development at the end of February.