The Mark Twain
Originally constructed in 1932, The Mark Twain is located in downtown Chicagos Gold Coast neighborhood. This historic five-story, elevator building functions as an SRO (single resident occupancy) hotel. It contains 152 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 Mark Twain is comprised of 152 SRO units with private bathrooms. The property is unrestricted, but serves a low income population due to the surrounding communitys demographic profile.
The Mark Twain Hotels 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|
NHPF’s diverse income and rent structure provides housing for a range of households from low to moderate income. Notwithstanding income levels, the same level of amenities and access to our services is offered to all residents.
This property is just one example of how NHPF’s commitment to affordable housing has helped American families.
ABOUT THE NHP FOUNDATION
Founded in 1989, The NHP Foundation strives to provide quality affordable multi-family housing and resident services for low to moderate income families. Since 1994, NHPF has acquired and preserved 95 properties, totaling 16,495 units, located in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 56 properties, totaling 10,000 apartment units, in 15 states and the District of Columbia. NHPF also provides service programs to approximately 28,000 community residents.