ACQUISITION / PRESERVATION / REDEVELOPMENT

Hotel Covent

Constructed in 1906 and originally attached to a 2000+ seat historic theatre, The Hotel Covent is located in the Lincoln Park neighborhood of Chicago. The 3-story property functions as an SRO (single resident occupancy) hotel. It consists of 64 hotel rooms (also known as units) with sinks and closets. Residents have access to two large shared bathrooms. The property also comprises seven retail stores and an 18,700 square foot parking lot leased to the neighboring US Postal Service. This SRO property includes a lounge for residents and is located across the street from a City Target and several municipal bus lines. This property is being preserved in accordance with Chicago’s SRO Preservation Ordinance, which passed in November 2014.


TOTAL COST
$ 7,850,000

DESCRIPTION
Hotel Covent is comprised of 64 SRO units with sinks and closets. The property is unrestricted, but serves a low income population due to the surrounding community’s demographic profile.

FINANCING
The Hotel Covent purchase price was $7,000,000. Secured financing and funding for this project included:
$ 5,000,000Community Investment Capital
$ 2,200,000Chicago Community Loan Fund
$ 650,000Owner Equity




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NHPF’s diverse income and rent structure provides housing for a range of households from low to moderate income. Notwithstanding income levels, the same level of amenities and access to our services is offered to all residents.

This property is just one example of how NHPF’s commitment to affordable housing has helped American families.

ABOUT THE NHP FOUNDATION
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing that is both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF also provides a robust resident services program to more than 28,000 community residents. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has preserved 85 properties, totaling 14,931 units in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 44 properties, totaling 4,773 apartment units, in 15 states and the District of Columbia.