Edwin Berry Manor Apartments
Senior Affordable Housing in Chicago, Illinois
Total Cost: $18,373,190
The Recapitalization of Berry Manor closed in September of 2022. The moderate rehabilitation of the property will consist 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 buildings concrete block exterior. Construction is set to occur over 13 months and will ensure the continued sustainability and affordability of the building for generations to come.
Secured financing for this redevelopment project included:
|$5,808,000||HUD 221d4 Mortgage|
|$6,550,017||4% Federal LIHTC Equity|
|$1,700,000||Illinois Housing Development Authority Loan|
|$309,734||Deferred Developer Fee|
|$110,012||ComEd Energy Efficiency Program|
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.
Secured financing and funding for this project included:
|$4,515,000||Low Income Investment Fund (LIIF)|