The Mark Twain
Affordable Housing in Chicago, Illinois
Originally constructed in 1932, The Mark Twain is located in downtown Chicago’s Gold Coast neighborhood. This historic five-story, elevator building functions as an SRO (single resident occupancy) hotel. It contains 148 SRO units with private bathrooms. This property also includes a lobby and eight retail stores on the ground floor, a parlor for community activities, and a laundry room for residents’ use. The building is conveniently located above the Chicago Transit Authority’s red line train service, providing 24-hour citywide public transportation.
REDEVELOPMENT
Total Cost
| $53,900,483 |
Description
The rehabilitation of historic Mark Twain hotel in Chicago was a landmark achievement for The NHP Foundation. With work beginning in 2018, this substantial renovation of a historically significant property transformed the building from a significant but aged affordable housing resource into a modern, desirable SRO property in the heart of Chicago’s Gold Coast neighborhood. All units were converted into true studio apartments with the addition of a full kitchen. Other upgrades included façade preservation, new windows, a new HVAC system, updated electrical and plumbing fixtures, and updated bathrooms. Common areas were also historically restored and a new outdoor roof deck added for residents’ use.
Financing
Secured financing and funding for this redevelopment included:
| $27,325,000 | 1st Mortgage |
| $12,452,091 | 4% LIHTC Equity |
| $5,000,000 | City Soft Debt |
| $4,807,823 | Historic Tax Credit Equity |
| $2,387,049 | NHPF Sponsor Loan |
| $1,650,000 | Deferred Developer Fee |
| $148,000 | ComEd Energy Efficiency Program |
| $130,420 | Cash from Operations |
ACQUISITION / PRESERVATION
Total Cost
| $ 22,860,000 |
Description
The Mark Twain is comprised of 148 SRO units with private bathrooms. The property is unrestricted, but serves a low income population due to the surrounding community’s demographic profile.
Financing
The Mark Twain Hotel’s purchase price was $21,000,000. Secured financing and funding for this project included:
| $ 16,600,000 | Pembrook Capital |
|---|---|
| $ 5,250,000 | Chicago Community Loan Fund |
| $ 760,000 | US Bank Tax Credit Equity and Donation |
| $ 150,000 | Seller Charitable Donation |
| $ 100,000 | Owner Equity |