Edwin Berry Manor Apartments
Senior Affordable Housing in Chicago, Illinois
REDEVELOPMENT
Total Cost: $18,373,190
Description
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.
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 |