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| Fairhaven Crossing Apartments, Downtown Mundelein, IL |
CHICAGO, IL – Evergreen Real Estate Group, a leader in the
development, rehabilitation and management of both affordable and market-rate
multifamily housing, announced the start of pre-leasing at Fairhaven Crossing,
a 40-unit affordable rental community in downtown Mundelein, Ill.
The transit-oriented development, the first
affordable housing community to be developed in Mundelein in many years, will
welcome its first residents later this month.
Located at 407 E. Hawley
St., Fairhaven Crossing includes a mix of one-, two- and three-bedroom units,
with affordable rents for households earning 60 percent or less of the area
median income (AMI).
Part of a broader
initiative to transform downtown Mundelein into a walkable mixed-use district,
the $13.5 million project involved converting and expanding a vacant 1½- story
brick building on the site – previously a light industrial building – into a
three-story residential building.
The redevelopment was partially funded using
$5.6 million in low-income housing tax credit financing secured by Evergreen
Real Estate Group.
“Fairhaven Crossing is a
great addition to downtown Mundelein, taking an underutilized yet highly
visible site and reimagining it as a vibrant residential community,” said Larry Pusateri, development
partner for Evergreen Real Estate Group, which will also manage the community.
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| Larry Pusatari |
“The Chicago area, like much of the country, is struggling with a shortage of affordable housing, making it extremely difficult to find apartments that are either ADA-accessible or large enough to house a family.
Fairhaven Crossing was designed to fill this void in the
market, providing quality housing tailored to the needs of these underserved
groups.”
For a complete copy of the company’s news release,
please contact:
Kelly Shumaker,
kshumaker@taylorjohnson.com, (312) 267-4519
Abe Tekippe,
atekippe@taylorjohnson.com, (312) 267-4528
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