Affordable Housing in Chicago, Illinois
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 Chicagos SRO Preservation Ordinance, which passed in November 2014.
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 communitys demographic profile.
The Hotel Covent purchase price was $7,000,000. Secured financing and funding for this project included:
|$ 5,000,000||Community Investment Capital|
|$ 2,200,000||Chicago Community Loan Fund|
|$ 650,000||Owner Equity|