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:

$5,808,000HUD 221d4 Mortgage
$6,550,0174% Federal LIHTC Equity
$2,560,675Seller Note
$1,700,000Illinois Housing Development Authority Loan
$1,334,652Existing Reserves
$309,734Deferred Developer Fee
$110,012ComEd 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:

$4,515,000Low Income Investment Fund (LIIF)
$625,512NHPF Funds

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