Lightengale Group Assists Developers Source Works Green and Sheldon Heights Church of Christ to Close on Long-Awaited Kennedy Jordan Manor, a LIHTC Transaction Project Serving Low-Income Seniors in Chicago’s West Pullman Neighborhood
Source Works Green, in partnership with Sheldon Heights Church of Christ, again tapped Lightengale Group (LGG) to complete the City of Chicago Low Income Housing Tax Credit (LIHTC), Multi-Family Loan and TIF applications and approval process for its Kennedy Jordan Manor project, a 70-unit development deemed critical to neighborhood revitalization efforts.
[12/30/2014 – Chicago, IL]Source Works Green closed on December 5 the Kennedy Jordan Manor project, their newest development in the West Pullman neighborhood of Chicago. The project is a mid-rise development designed for a mix of incomes and includes 62 one-bedroom units and 8 studio units, all reserved for seniors age 55 and older. 65 of the units will be offered to seniors with incomes between 30%-60% of the Area Median Income (AMI), with the remainder unrestricted.
Source Works Green has a distinguished track record of developing, constructing and managing senior housing projects throughout Chicago. Kennedy Jordan Manor is the second project Source Works Green has closed with mission critical support from Lightengale, following on the success they enjoyed together with nearby Hancock House. That project was financed with ARRA funds and closed in 2010; it is currently fully occupied, with a waiting list.
Lightengale provided assistance from pre-planning through final approval and coordinated all financing, including with the City of Chicago LIHTC allocation, multifamily loan and TIF grant. LGG also coordinated debt with Citibank and equity with Raymond James, and assisted with the Illinois Department of Commerce and Economic Activity (DCEO) energy grant.
James Dunton of Raymond James Tax Credit Funds expressed his excitement about the project: “Raymond James Tax Credit Funds, Inc. was thrilled to be a part of the Kennedy Jordan Manor development team. The hard work put into this complex transaction will certainly benefit the future tenants. We would like to thank Source Works Green for seeing this project through from concept to closing and Lightengale Group for providing the expertise to navigate the intricate financing structure. The development will undoubtedly be a success because of these two groups.”
Doug Leezer, Director at Citi Community Capital, shared his organization’s enthusiasm for joining with the developers and Lightengale to bring Kennedy Jordan Manor to life: “Citi is very proud to be part of the financing team for such a worthwhile project, which will provide much needed, high quality affordable housing for seniors in West Pullman.”
Developing this parcel has been a passion project for Source Works Green partner Kennedy Jordan Manor, Inc., the 501c3 arm of the Sheldon Heights Church of Christ. Since 2002, the church has prioritized transforming this space into new housing for seniors. Kennedy Jordan Manor will have several unique features designed to enhance quality of life for its residents, including an “Atrium Elderly” concept that will provide an enclosed, year-round park-like environment to maximize light into the building. The ground floor will also include a community room, fitness center and support offices located conveniently to serve the residents.
The site will also include 30 parking spaces and a landscaped fitness trail designed with seniors’ needs in mind. The neighborhood includes the adjacent West Pullman Branch of the library, nearby Marshfield Plaza shopping center, and the recently opened Salvation Army Ray and Joan Kroc Corps Community Center, which hosts numerous programs and facilities for seniors, including job training, a performing arts theater, and fitness, dancing, golf and computer classes.
The city is looking forward to Kennedy Jordan Manor as a key component in the ongoing revitalization of West Pullman. The neighborhood has an immediate need for affordable senior housing, to provide a comfortable and supportive community where residents can age in place. This development will also help intensify the transformation of an area that was formerly home to a concentration of heavy industry, and help foster additional commercial and residential investment in the community.