Officials have broken ground on Parkside 5, a 99-unit mixed-income development on the former Cabrini-Green public housing site on Chicago’s North Side.
The new project is the fifth and final phase of the Parkside of Old Town development.
Walker & Dunlop announced that it has syndicated federal low-income housing tax credits and Illinois Donation Tax Credits on behalf of Holsten Real Estate Development. Walker & Dunlop syndicated the credits to J.P. Morgan, raising $22.6 million for the development.
J.P. Morgan is also providing a construction loan.
“We are proud to support the continued revitalization of the Near North Side, helping to bring much-needed affordable housing options to the community while contributing to the broader transformation of the former Cabrini-Green site,” said Jennifer Erixon, senior managing director of affordable equity originations at Walker & Dunlop. “Our partners at Holsten have allowed us to provide a valuable solution that meets our shared goals.”
Parkside 5 will include 37 units benefiting from a 20-year Section 8 Housing Assistance Payment contract. These affordable units will be reserved for households earning 50% and 60% of the area median income or less.
