Housing Trust Group (HTG), a leading affordable developer and owner, has entered the Illinois market with the opening of Crescent Place in Arlington Heights.
The new community provides 40 affordable housing units for residents earning at or below 30% and 60% of the area median income, with rents ranging from $621 to $1,489.
“Amid the challenges posed by escalating rental rates, investment in affordable housing in the Chicago area has never been more essential,” said Matthew A. Rieger, president and CEO of HTG, which is headquartered in Florida. “We are delighted to bring HTG’s signature high-quality affordable housing to Illinois with the completion of Crescent Place and in turn provide 40 apartments for small families and professionals seeking well-priced apartments near their jobs.”
The four-story community was created in partnership with nonprofit Turnstone Development Corp.
Located about 40 minutes north of downtown Chicago, Crescent Place features one- and two-bedroom units, ranging from 646 to 880 square feet. Amenities include a community room, a library, a computer cafe, a fitness room, tenant storage compartments, bicycle storage, and 80 outdoor parking spaces (including eight designed to meet ADA parking standards). There’s also a resident garden and an outdoor patio.
The team utilized several funding sources for the $18.2 million project, including:
· A $10.9 million construction loan and a $1.65 million permanent loan from BMO Harris Bank;
· $12.1 million in 9% low-income housing tax credit equity from National Equity Fund;
· $4 million from the COVID-19 Affordable Housing Grant Program provided by the Illinois Housing Development Authority; and
· A $110,214 ComEd grant for building to Energy Star standards.
The development team consisted of general contractor Henry Bros Co., civil engineer Groundwork, landscape architect Krogstad Land Design, architect UrbanWorks Architecture, interior designer Frosolone Interiors, energy-efficiency consultant Eco Achievers, and property management team UpHoldings.
