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| Polly Kuehl |
CHICAGO, IL — Chicago-based Evergreen Real Estate Group, a leader in the
acquisition, development, rehabilitation and management of both affordable and
market-rate multifamily housing, announced it has completed its
renovation of Garden House of Maywood, a 144-unit
affordable senior rental community in Maywood, Ill., a western suburb of
Chicago.
The 10-story building at 515 S. 2nd Ave.
is owned by Housing and Human Development Corporation (HHDC), a nonprofit
organization formed to develop and acquire
affordable housing and provide supportive services to low-income seniors and
families.
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| Garden House of Maywood, a 144-unit affordable senior rental community in Maywood, IL, a western suburb of Chicago. |
Evergreen Construction Co., the firm’s
full-service construction arm, managed the nine-month project as a phased,
in-place renovation that allowed residents to remain in their homes as updates
were made.
“Rising housing costs have made resources like Garden House of
Maywood all the more important for low-income households, including seniors who
have limited housing alternatives available to them,” said Kevin Beard,
director of preservation for Evergreen Real Estate Group.
“As a firm that
regularly partners with nonprofit organizations, we were honored to work with
HHDC on this project so that Garden House of Maywood can continue to serve the
local community by providing area seniors with accessible, low-income housing
for many years to come.”
In addition to securing the funds needed to make structural and
cosmetic improvements, HHDC also provided for the addition of a full-time
social services coordinator at no cost to residents or the building.
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| Kevin Beard |
A trained
social worker, the coordinator will perform ongoing resident assessments; serve
as a liaison with community service agencies, helping residents determine
whether they meet eligibility requirements; coordinate health and educational
programming, such as nutritional coaching and financial planning; assist
residents with crisis situations; and perform daily check-ins throughout the
COVID-19 pandemic.
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| Andre Pintauro |
“We were able to complete the bulk of the work prior to the pandemic, allowing seniors to reside in their homes more comfortably and safely during the shelter-at-home period,” said Andre Pintauro, president of Evergreen Construction Company.
Evergreen helped secure financing for the $7 million renovation, including Low-Income Housing Tax Credits (LIHTC) awarded by the Illinois Housing Development Authority (IHDA) and syndicated by Stratford Capital Group.
Other financing partners included IFF, which provided predevelopment financing; CIBC Bank, which provided bridge financing and equity; and NorthMarq and Freddie Mac, which provided the property’s permanent loan.
“Garden House of Maywood was in dire need of physical repairs,
but the addition of a full-time social services coordinator has been equally
beneficial to residents’ quality of life,” said Polly Kuehl, executive director
of Housing and Human Development Corporation.
“It’s not enough to provide low-income seniors with a place to live; they
require additional support in virtually every aspect of life – something we’re
now better able to provide.”
CONTACTS:
Abe Tekippe, atekippe@taylorjohnson.com,
(312) 267-4528
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