Evergreen Real Estate Group, CJE SeniorLife Complete $25M Affordable Seniors Housing Community in Evanston, Illinois – REBusinessOnline

Written by Amanda

Evergreen Real Estate Group, CJE SeniorLife Complete $25M Affordable Seniors Housing Community in Evanston, Illinois  REBusinessOnline

Ann Rainey Apartments includes 60 units for residents who earn up to 60 percent of the area median income.

EVANSTON, ILL. — Evergreen Real Estate Group and Council for Jewish Elderly, doing business as CJE SeniorLife, have completed Ann Rainey Apartments, a $25 million affordable seniors housing community in Evanston. The 60-unit project is located at 1011 Howard St. next to the existing CJE SeniorLife Adult Day Services Center, which provides programming and socialization opportunities for seniors who require supervision.

The new community is named for Ann Rainey, who served as alderman of Evanston’s 8th Ward for more than three decades. Units at the property are restricted to residents who earn up to 60 percent of the area median income. Amenities include a community room, fitness center, outdoor terrace, second-floor deck and lounge areas.

Housing and Human Development Corp., a Chicago-based nonprofit that serves low-income seniors and families, will provide a part-time social service coordinator for the property. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as general contractor. Architecture firm UrbanWorks designed the community, which is anticipated to receive LEED Silver certification. A partnership between Evergreen, CJE and U.S. Bancorp Community Development Corp. owns Ann Rainey Apartments.

Financing for the project came from IFF, provider of the pre-development loan; U.S. Bank, provider of the construction loan and mortgage loan; U.S. Bancorp Community Development Corp., the tax credit investor; the City of Evanston, which provided HOME and local affordable housing funds; IHDA, which awarded the low-income housing tax credits and the Illinois affordable housing tax credits; the Housing Authority of Cook County, which provided project-based vouchers for 30 units; and the ComEd Energy Efficiency Program.

Source: rebusinessonline.com

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