Walker & Dunlop Arranges $22M in Equity for Old Town Development
Walker & Dunlop marked the groundbreaking on Parkside 5, the final 99-unit phase of the Parkside at Old Town development on Chicago’s former Cabrini-Green site.
The Walker & Dunlop affordable housing team, led by Jennifer Erixon, syndicated Low Income Housing Tax Credits (LIHTC) and Illinois Donation Tax Credits on behalf of the client, Holsten Real Estate Development Corporation. Walker & Dunlop Affordable Equity syndicated the equity to JP Morgan, resulting in $22.6 million of equity to support the development. In addition to syndicating the credits, JP Morgan is also providing a construction loan for the project.
Parkside 5 will include three 3-story walk-up buildings and an 8-story mid-rise with townhomes, plus a community room, fitness center, on-site social services, playground, and dog park. The project will offer a mix of market-rate and affordable housing, including 37 units. “We are proud to support the revitalization of the Near North Side and provide much-needed affordable housing,” said Erixon.
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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