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.
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.
Secured financing and funding for this redevelopment included:
|$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
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.
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|