Edwin Berry Manor Apartments
Senior Affordable Housing in Chicago, Illinois
REDEVELOPMENT
Total Cost
| $18,373,190 |
Description
The moderate rehabilitation of Berry Manor was completed in November of 2023 and consisted of cosmetic upgrades to unit kitchens, appliances upgrades, replacement of interior doors, cosmetic and fixture upgrades to all bathrooms, replacement of all lights to LED fixtures, window replacements, upgrades to the building’s HVAC and fire sprinkler systems, and refinishing of the building’s concrete block exterior. Construction ensured the continued sustainability and affordability of the building for generations to come.
Financing
Secured financing for this redevelopment project included:
| $5,808,000 | HUD 221d4 Mortgage |
| $6,550,017 | 4% Federal LIHTC Equity |
| $2,560,675 | Seller Note |
| $1,700,000 | Illinois Housing Development Authority Loan |
| $1,334,652 | Existing Reserves |
| $309,734 | Deferred Developer Fee |
| $110,012 | ComEd Energy Efficiency Program |
ACQUISITION
Total Cost
| $4,933,000 |
Description
Edwin Berry Manor Apartments is a 57-unit Section 8 mixed bedroom senior building originally built in 1991. It is located in the Woodlawn neighborhood, just south of Hyde Park Chicago, approximately 1-2 miles SW of the Island Terrace project and the new Obama Library.
Financing
Secured financing and funding for this project included:
| $4,515,000 | Low Income Investment Fund (LIIF) |
|---|---|
| $625,512 | NHPF Funds |