Evergreen Real Estate Group, Synergy Construction Group and Chicago Housing Authority Complete Construction and Welcome First Move-Ins at Pioneering Affordable Senior Housing Community on Chicago’s North Side

Kristin Faust

 

 CHICAGO, IL, July 14, 2021 — Evergreen Real Estate Group, Synergy Construction Group and the Chicago Housing Authority (CHA) today announced the completion of construction and start of move-ins at Ravenswood Senior Living, a 193-unit affordable rental community at 1922 W. Sunnyside Ave. in Chicago’s Ravenswood neighborhood.

 

The $81 million project converted the former Ravenswood Hospital, built in 1974 and vacant since 2002, into much-needed affordable senior housing.

 

It is the first development of its kind in Illinois and one of the first in the country to offer both independent living and supportive living for low-income seniors in a single location.

Tracey Scott

 

This pioneering model makes it possible for residents to age in place as their acuity increases, transitioning to a new, yet familiar, home if and when they require assistance with daily tasks like bathing, dressing and making meals.  

 

Located between Damen and Ravenswood avenues, the 10-story building has 74 one-bedroom independent living apartments for CHA residents, as well as 119 units for participants in the Illinois Supportive Living Program, an alternative to nursing home care that is administered by the Illinois Department of Healthcare and Family Services.

Illinois State Sen. Sara Feigenholtz.

While the two communities are located in the same building, they have separate entrances and operate independently from each other.

 

Evergreen is managing the independent living community, located at 4515 N. Winchester Ave., while Asbury Healthcare operates the supportive living community, located at 1922 W. Sunnyside Ave.

 

“A year and a half after breaking ground, we are proud to announce the completion of this important and long-awaited project that creates affordable senior housing where none previously existed,” said Jeff Rappin, founder and chairman of Evergreen Real Estate Group.

Jeffrey (Jeff) Rappin

 

 “Ravenswood Senior Living shows that solutions to the affordable housing shortage can be found right in our backyard.

 

 "With the right partners, vacant and underutilized sites can be reimagined as low-income housing that supports the health of communities by improving the lives of residents.”

 

“With its combination of independent and supportive living for low-income seniors, this development represents an innovative approach to affordable housing and marks important development as an affordable option for seniors,” said CHA CEO Tracey Scott. 

Ravenswood Senior Living, a 193-unit affordable rental
community at 1922 West Sunnyside Avenue
 in Chicago’s Ravenswood neighborhood.

 

“Ravenswood Senior Living is the first facility of its kind in Illinois and will provide a pathway for low-income seniors to age in place while maintaining a high quality of life.”

 

“The senior population in Illinois is growing, and IHDA is committed to increasing the supply of affordable and supportive housing opportunities that allow families, friends and neighbors to age safely in place in the community of their choice,” said Kristin Faust, executive director of the Illinois Housing Development Association (IHDA).

 

“The innovative redevelopment of this long-vacant hospital is a major milestone, and we are proud to provide the financing that gave the building new life as a community asset that brings much-needed affordable senior housing to the city.”

 “I was honored to pass a piece of forward-thinking legislation that prioritizes the needs of our community members and makes good use of pooling all of the resources we have by allowing mixed-use supportive living facilities,” said Illinois State Sen. Sara Feigenholtz.

 

 “Every legislator knows the importance of creating affordable senior housing, and these developments are cornerstones of our communities.

 

"Ravenswood Senior Living is one of the first developments of its kind in the country. It was essential to be able to both offer affordable, continuum-of-care housing for our community seniors and preserve the Ravenswood Hospital building for future generations.”

 

Evergreen revitalized and maintained much of the original structure, including the facade, which was cleaned and tuckpointed. All windows were replaced using the original frames.

 

 A small addition on the building’s north side features a facade of metal panels whose colors complement the existing brick and mirror the design of the adjacent Lycée Français de Chicago, a private French international school.

 

Structural changes to the former hospital include the addition of an elevator and staircase at the entrance of the independent living community to improve accessibility for residents and guests.

 

 Other improvements include new window openings, updated mechanical systems and modernized elevators.

 Both the independent and supportive living communities share the existing parking garage, which also is utilized by Lycée Français de Chicago and other commercial and residential buildings on the block.

 

On-site amenities for the independent living community include a roof deck, community room, fitness room, library/computer room, lounges and laundry rooms.

 

The adjacent supportive living community has its own amenities, including a roof deck, dining room with meals served daily, community room, fitness and physical therapy room, salon, library/computer room, multipurpose/TV room and attendant stations on each floor.

 

In addition, the supportive living community has an on-site doctor’s office, which is staffed by a physician up to two days a week and offers 24-hour care provided by trained medical professionals.

Illinois 47^th Ward
Alderman Matt Martin

 

Donations of books, puzzles and games for the libraries in both the independent and supportive living communities were provided through donation drives organized by the Ravenswood Community Council, 47^th Ward Ald. Matt Martin, Feigenholtz and 47^th Ward Democrats.

 

Ravenswood Senior Living is owned by Evergreen Real Estate Group in partnership with Chicago-based Synergy Construction Group and the CHA. 

Financial partners for the independent living community include the CHA (both capital funds and rental assistance for all 74 units), IHDA, National Development Corporation (NDC) and IFF.

 Financial partners for the supportive living community include IHDA, NDC, Key Bank, Ravenswood Community Council, IFF and ComEd through its Energy Efficiency Program.  

 

Leopardo Companies was the general contractor for the project, with Evergreen Construction Company, a division of Evergreen Real Estate Group, serving as a subcontractor.

 

Applications are still being accepted for both the supportive living and independent living apartments. Individuals or couples can apply for the independent living residences at https://applyonline.thecha.org. 

Those interested in the supportive living apartments can call (224) 801-2982 or email sales@ravenswoodsl.com.

  

CONTACTS:

 

 

Kathryn Kjarsgaard, kkjarsgaard@taylorjohnson.com, 

(312) 267-4514

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528 

www.evergreenreg.com.

Market Leaders Combine Vast Experience and Expertise with Launch of CDNGLOBAL®, a proudly Canadian, Privately-Held Commercial Real Estate Firm

 

Andra Nedelcu Vancouver, British Columbia, CANADA – Commercial real estate leaders and members of the Devencore management team, Agron Miloti and Jon Bishop, are pleased to announce the launch of CDNGLOBAL®, a proudly Canadian, privately held, independent real estate brokerage, investment sales, and advisory services firm.  This innovative company provides the global market with a bridge to Canada and access to highly experienced professionals coast-to-coast to support them and their clients.  Agron Miloti  In addition to an international bridge, CDNGLOBAL also connects its strategic regional partners to its global network. CDNGLOBAL is unique in that it offers limitless opportunity for a collaborative ecosystem of entrepreneurs, advisors, and brokers.  Miloti brings a wealth of industry knowledge with more than 30 years of experience successfully completing a wide range of commercial real estate assignments including significant tenant representation transactions, real estate acquisitions and dispositions, and design build projects.  Cross-country operations will be spearheaded by Bishop, who brings 27 years of coast-to-coast real estate experience. Jon T. Bishop “CDNGLOBAL unites a collaborative team to provide a truly progressive real estate solution with services tailor-made to suit the short-term goals and long-term success of our clients, spanning domestic and international markets,” said Miloti. Andra Nedelcu, CDNGLOBAL’s Vice President, National Communications & Marketing, added: “Our national representation, driven by market leaders with decades of experience and localized market intelligence, provides a truly progressive real estate solution.  "These seasoned leaders will be joined by regional presidents, based in major markets across Canada, to offer an unparalleled level of personalized support with a shared commitment to providing the highest quality services – delivered with integrity, transparency, and expertise with a collaborative and responsive approach."  CDNGLOBAL is unique in its ability to offer Canada-wide representation based on localized market intelligence.  “As a privately-owned firm, the team is neither limited nor influenced by oversized global affiliations, or ruled by mass franchised brokerages with limited compensation models that may not consider regional client needs or specific local market dynamics,” explained Bishop.

CONTACT: Linda Farha Zenergy Communications 416-591-5461 | linda@zenergycom.com www.cdnglobal.com.

Good News for New York City Co-ops and Condos: Sponsors Are Selling

Mark N. Axinn

 

Contributed by Mark N. Axinn, a partner at the New York, NY law firm Phillips Nizer. He represented Jennifer Realty Co. in the landmark Court of Appeals case in 2002

 

NEW YORK, NY -- After decades of fighting their sponsors, New York City co-ops and condominiums may finally be catching a break.

 Almost 20 years have passed since the state’s highest court, the Court of Appeals, decided the landmark Jennifer Realty case, holding that co-op apartment corporations may sue their sponsor-developers for breach of an implied promise to sell their unsold shares in the corporation.

 Despite the ruling, most owners of unsold apartments continued to rent rather than sell their unsold units, especially when the rental market remained strong.

But change has been slowly coming. Starting in 2019, there was a marked increase in sponsor sales of co-op and condo apartments throughout New York City.

 

This happened not only in new construction but in many buildings first converted to co-ops and condominiums in the 1980s and 1990s.

 

 While many of those buildings had seen very few transfers for decades, they now are enjoying a resurgence in sales.

 

 For example, since Jan. 1, 2020, my clients have closed more than 120 individual sales to new owners of previous rental apartments in several different neighborhoods in Brooklyn and Queens.

The current sales uptick benefits both co-op shareholders and condo unit-owners. Buildings with high concentrations of rental units often have more difficulty attracting new buyers, financing underlying debt and maintaining a stable population of residents.

 

What we are seeing now is that the increase in sponsor sales has reduced those concerns for boards, residents and lenders.

 

The shift in sponsor attitudes toward selling resulted from several legal and market factors.

 

 First, there were extensive changes in the New York rent laws with the passage of the Tenant Protection Act in 2019, which included increased protections to both rent-stabilized and free-market tenants, rendering ownership of rental units less attractive in many cases.

Second, changes to the Internal Revenue Code proposed by the Biden administration – especially to Section 1031, which allows investors to defer capital gains – have also caused many sponsors to re-evaluate their holdings.

 

Concerned that the law may be changed soon, sponsors are selling now in order to take advantage of the existing tax-deferral provisions, which may be curtailed either by changes to the tax code or by Congress as part of the current infrastructure bill.

 

Additionally, some investors are looking for alternative properties for portions of their holdings. Many owners who have invested in New York City multi-family buildings for decades, including co-ops and condominiums, are using this opportunity to diversify into other types of properties in New York and other locations.

Finally, market forces driven by myriad new buyers, many of whom are often new Americans, have fueled sales from Briarwood to Bay Ridge to the Bronx. The result has been a boon for sellers.

 

No matter what the reason, boards and residents in New York co-op and condo buildings should embrace this development. More sponsor sales means a higher percentage of owner occupancy. And that’s better for everyone. 

 

About Mark N. Axinn

Axinn is the chair of Phillips Nizer's cooperative and condominium practice. He represents cooperative and condominium associations, sponsor/developers, holders of unsold shares and individual property owners and businesses. 

A graduate of Columbia College and Fordham Law School, he performs all aspects of cooperative and condominium association practice and also has extensive commercial litigation experience. 

 

 

CONTACT:

 

Keith Emmer 

212-920-9205

keith@startegixmedia.com

 

Lenamon promoted to Americas Head of Valuation Advisory for JLL

 

Tony Lenamon

CHICAGO, IL, July 13, 2021 – JLL announced today that it has promoted Tony Lenamon to Americas Head of Valuation Advisory.

 Lenamon assumed his new role on July 1 from Managing Director Blake Lacher, who is shifting his full-time focus to the growth of JLL’s Energy Solutions business in the Americas.

 

Tony is a proven leader who has delivered strong results since he joined JLL,” said Global Valuation Advisory CEO Mark Wynne-Smith.

 

“I can’t thank Blake enough for stepping in as interim lead for Valuation Advisory, and I look forward to further partnership as Blake continues to grow the Energy Solutions practice, which is critical for the firm.”

Blake Lacher

Lenamon joined JLL as a Managing Director in January 2020 to lead the National Valuation Advisory Multi-Housing practice, which he will continue concurrent with his new duties. 

During 2020, his group enjoyed a 45 percent year-over-year increase in revenue, despite the pandemic.

 

“I’m honored to lead this dedicated group of professionals,” Lenamon said.

 

 “We’re building an organization that will be the employer of choice in our industry, and our talented team will be the preferred provider of solutions to extremely sophisticated real estate lenders and investors.”

 

A staunch believer in technology as a business driver and making data-driven decisions, he is committing the resources needed to provide technology solutions not readily achieved in the market.

Mark Wynne-Smith

Lacher, who has been with JLL for more than eight years, has made his mark on JLL’s Valuation Advisory service, leading Corporate Finance and Net Lease and creating the company’s regulated securities business. 

His efforts helped stabilize the business and prepare it for future growth.

 

Lenamon has more than 30 years of professional experience and holds a degree in finance and real estate from The University of Texas at Arlington.

JLL’s 1,700 qualified valuation professionals are connected across 44 countries, sharing insights and real-time data to deliver tailored client solutions and advice for its client’s real estate and business asset interests. 

 

Contact: 

 

Kimberly Steele

JLL Manager, Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 ll.com.

 

EagleBridge Capital Arranges Acquisition and Permanent Financing for South Boston Apartment Building

 Ted Sidel 

 Boston, MA: EagleBridge Capital, working exclusively on behalf of its client, has arranged acquisition and permanent financing in the amount of $2,660,000 for 471 West Broadway in South Boston

 The financing was arranged by EagleBridge principal Ted Sidel who stated that the aquisition/permanent mortgage was provided by a leading regional bank.  

 471 West Broadway is a four-story mixed-use building completely renovated in 2018. The street level is leased to T-Mobile. Each of the three upper floors contain a large three-bedroom apartment unit.

471 West Broadway, South Boston, MA

 The apartments offer premium contemporary finishes including hardwood floors. Kitchens feature Energy Star rated stainless steel appliances including a gas range/oven, built in microwave, refrigerator, modern cabinetry, and granite countertops. Each apartment also contains a washing machine and dryer.

 

The building is located in the heart of South Boston at the intersection of West Broadway, East Broadway, and Dorchester Street in a vibrant area of stores, restaurants, banks, and apartment buildings.

  The Broadway bus stop is located in front of the building.  The Broadway Red Line transit station is located a short distance away.

 EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for apartment, industrial, office, and r & d buildings, shopping centers, hotels, condos and mixed-use properties as well as special purpose buildings.

  

ONE BOSTON PLACE   BOSTON, MA 02108    TEL: 617.292.7177   FAX: 617.292.7575

www.eaglebridgecapital.com

CONTACT

 Stanley J. Sidel

Senior Advisor

EagleBridge Capital

One Boston Place,  Suite 2600

Boston, MA 02108

Tel: 617-292-7177  Ext.12

Fax: 617-292-7575

ssidel@eaglebridgecapital.com

  

EAGLEBRIDGE CAPITAL

 

COMMERCIAL REAL ESTATE FINANCE

 

DEBT   EQUITY   JOINT VENTURES