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Hall St. Lofts

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Hall St. Lofts

New Developer Non-Profit Organization

Hall St. Lofts

DEVELOPER INFO:

Lead Developer: Cottage Hill Development, now called North Arrow Partners, is a full service architectural and general contracting firm specializing in innovative multifamily communities. From new construction to renovation upgrades, we approach all of our work—and partnerships—with technical mastery informed by sound principles and imaginative design. Together, the partners of North Arrow have more than 15 years of experience in government-funded work, including new construction and renovation of affordable housing, offices, retail establishments and social service centers throughout Illinois.

Co-Developer: Trinity Services, Inc. is a well-established organization that owns almost 600 units in Illinois and primarily serves disabled individuals and families. It has received funding from IHDA through NSP. For over 60 years, Trinity Services has been helping people with disabilities live full and abundant lives.

Trinity Services, Inc., founded in 1950, is a nonprofit, nonsectarian organization that provides the highest quality person-directed services and supports to people with developmental disabilities and mental illness so that they may flourish and live full and abundant lives. Trinity serves more than 3,500 adults and children who have intellectual/developmental disabilities or mental health needs. Trinity’s mission to help people flourish is at the heart of all it offers, including residential services, numerous community day services, employment services, a school, therapeutic horseback riding, respite services, a recreation center, a range of therapeutic services, and more.

Services are provided in more than 30 Illinois communities in the Southwest, Northwest and Western Suburbs of Chicago, as well as Southern and Central Illinois. Since 1992, Trinity has maintained the highest possible level of accreditation—Person-Centered Excellence Accreditation, With Distinction—from the Council on Quality and Leadership.

Hall Street Lofts is their first mixed-population LIHTC building and will provide disabled individuals an option to live in an integrated building. Trinity owns and manages several IHDA-funded permanent supportive housing projects.

 

PROJECT INFO:
Hall Street Lofts is an affordable new construction, three-story family development located in Sandwich, Illinois (DeKalb County). The development includes 28 one-, two- and three-bedroom units. The site has on-site surface parking, a playground, BBQ grills, and picnic tables. The building contains an elevator, an on-site management office, community and fitness rooms, laundry and a secure entrance foyer with mailboxes.

Affordability is extended to families with incomes between 30% AMI and 60% AMI, meaning individuals and families with annual incomes between approximately $14,000 and $39,960 (depending on family size) are eligible. There are three units that are set aside as permanent supportive housing units. In addition, Trinity provides support for residents needing mental health services.

project details

  • Project Site: Hall Street Lofts
  • Lead Developer: Cottage Hill Development, LLC.
  • Co-Developer: Trinity Services
  • Project Address: 431 East Hall St.
  • Number of Units: 28
  • Property Type: Family Housing and Supportive Housing
  • Closed: September 2016
  • Awards Received: National Green Building Standard (NGBS) Silver

 

Project Funding Sources:

  • 9% LIHTC Equity
  • Amortizing Private Debt
  • Construction Loan
  • FHLB AHP
  • Pre-Development Loan

 

Unique Project Elements: 

Cottage Hill and Trinity had previously worked together on several permanent supportive housing projects. This was Trinity’s first LIHTC project as well as their first project for a general population. Sandwich is an IHDA Opportunity Area.

 

Lightengale’s Role:

  • Strategy
    • LIHTC Application
    • Project Budget
  • Financing Execution
    • Project Debt & Equity Coordination
  • Due Diligence Coordination
    • Property Mgmt Documents
    • Insurance Coordination
    • Closing Owner Sworn Statement
  • Post Closing Services
    • Construction Administration of Draws
    • Equity Installments Coordination
    • LIHTC - Carryover/10% Test
    • LIHTC - 8609 Coordination

 

Photo Credit

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CREATIVE APPROACH.
PROVEN RESULTS.


three
Words from our Partners:

Lightengale (LGG) began serving affordable housing developers in 1999. Over the next 23 years, LGG assisted over 150 affordable housing deals (and one radio station) to come to fruition. We are so pleased that we were able to work with so many wonderful developers, both new and experienced, small and large, to help them provide affordable housing and improve their communities.

Over these years, we learned a lot and navigated the company and our clients’ deals through the Great Recession of 2007-2008 and the Covid Pandemic of 2020-2022. Throughout this time, we have had the privilege of working with some of the finest affordable housing specialists – on our staff, our clients, and in the broader community.
Everyone should have a home they can afford and feel safe in. Ideally, amenities are nearby, and the home is energy efficient. We enjoyed working with so many people who shared our vision of universal affordable housing. While we continue to believe strongly in universal affordable housing, we also believe it is now time to have others lead the way and guide deals through the process. We hope the next generation continues to provide more truly affordable housing for more people.

While we are not taking on any new clients or projects and will be closing our doors once we finish our current deals, we want to let you know how much we have enjoyed working with each and every one of you throughout these years.

All the best to each of you-- Maggy, Larry and Virginia
Copyright Lightengale Group