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.
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 |