Mayfair Commons (NRC)

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Mayfair Commons (NRC)

Non-Profit Organization

Mayfair Commons (NRC)
DEVELOPER INFO:
North River Commission is a long standing community development anchor which developed the original Mayfair Commons building through LIHTC for local seniors. The development team, selected by North River Commission, included expert professionals; property management by Prairie Management, design by Landon Bone Baker Architects, construction performed by Crane Construction company and Lightengale Group as the financial consultant to coordinate the resyndication and tax-exempt bonds/ 4% LIHTC.
PROJECT INFO:
The 6-story building includes 97 units, with a breakdown of 11 studios, 64 one-bedrooms, and 22 two-bedroom apartments. Mayfair Commons is located in the vibrant neighborhood of Albany Park at the corner of Elston and Lawrence Avenues . The building’s location provides residents with easy access to a variety of retail stores, grocery stores, healthcare facilities, restaurants, public services and public transportation. The development is available to seniors aged 62 and older, and offers 52 total onsite parking spaces, of which 40 spaces are in an underground parking garage.Since the 1997 construction of Mayfair Commons, the building had not had a major renovation or upgrades. The building rehabilitation included a new roof, energy efficient materials and equipment, window replacement, and upgrades to communal areas. Residents also benefited from upgrades to kitchens with new cabinets and countertops, backsplashes, and refrigerators. In unit renovations were performed during the day, allowing residents to return to their units each night.

project details

  • Project Site: Mayfair Commons
  • Developer Name: North River Commission
  • Project Address: 4444 W. Lawrence Ave., Chicago, IL, 60630
  • Number of Units: 97
  • Property Type: Senior Housing
  • Closed: December 2017

 

Project Funding Sources

  • LIHTC Tax Equity 4%
  • FHLB AHP
  • Deferred Developer Fee
  • Chicago Low Income Housing Trust Fund
  • City of Chicago Affordable Requirements Subsidy
  • Tax Exempt Bonds
  • Seller Financing
  • Pre-Development Loan

 

Unique Project Elements

  • Lightengale worked closely with the project accountant and tax attorney to develop a strategy to meet the 50% test. The final solution included partial paydown of City HOME funds and the receipt of new City funding  instead of just refinancing the existing debt.

 

Lightengale’s Role

  • Strategy
    • Development Team Assembly
    • LIHTC Application
    • Project Budget
  • Financing Execution
    • Pre-Development Loan Coordination 
    • Project Debt & Equity Coordination
    • Energy Grant Application
    • Other Credits/Loan Funds
  • Due Diligence Coordination
    • Property Mgmt. Documents
    • Insurance Coordination
    • Owner Sworn Statements
  • Post Closing Services
    • Construction Administration of Draws
    • Equity Installments Coordination
    • LIHTC - 8609

 

Photo Credit