Habitat, Cabrera Capital Break Ground on Mixed-Use Redevelopment in Chicago
Habitat, together with Cabrera Capital, recently celebrated the groundbreaking of the first residential phase of the long-planned redevelopment of the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011.
Replacing a 32-acre site in Chicago’s Garfield Ridge community, the multiphase redevelopment will ultimately deliver up to 700 residential units and approximately 440,000 square feet of commercial space. The first phase of the LeClaire Courts redevelopment includes two six-story mixed-use buildings, comprising 183 apartments offered in studio, one-, two-, and three-bedroom floor plans.
Funding sources for the $119 million first phase include a $27 million capital loan from the Chicago Housing Authority, $9.5 million in city multifamily program funds, $5.5 million in tax-increment financing, $33.7 million in Low-Income Housing Tax Credit equity, $1.25 million in Illinois Affordable Housing Tax Credit equity and a $1.2 million deferred developer fee.
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Lewis Group Opens Second NorCal Rental-Home Community in West Sacramento
Independence in West Sacramento, a new gated community of 208 townhome-style rental homes developed by Lewis Apartments, opened its leasing office and model homes to the public on Saturday, Oct. 24. Located in West Sacramento’s Southport/Bridgeway Island area, Independence introduces rental homes designed for residents who want the space and privacy of a single-family home...
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CBRE Arranges Sale of Future Mixed-Use Development in Wisconsin
CBRE announced the sale of a 4.66-acre parcel at the northwest corner of County Highway MM and U.S. Highway 14 in Fitchburg, Wisconsin. Louisville, Kentucky-based Trilogy Real Estate Fitchburg LLC purchased the property from Fairchild Development LLC for $2.23 million, marking the company’s third location in the Madison market and expanding its footprint beyond its...
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Northmarq Arranges $96M Refi on SoCal Apartment Portfolio
Northmarq has arranged $95.8 million in refinancing for a six-property, 1,461-unit multifamily portfolio owned and operated by E&S Ring across Los Angeles and San Bernardino Counties. The financing was arranged through Voya Investment Management by Northmarq’s San Francisco Debt + Equity team, led by managing director Nathan Prouty, SVP Andrew Slaton Aand senior investment anaylst...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout