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 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|