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Miriam Apartments

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Miriam Apartments

Experienced Developer Non-Profit Organization

Miriam Apartments

DEVELOPER INFO:

Owner/Developer: Mercy Housing Lakefront (MHL) is the regional headquarters for a national nonprofit organization, Mercy Housing, one of the nation’s largest affordable housing organizations. MHL works to build a more humane world where poverty is alleviated, communities are healthy and all people can develop their full potential. MHL believes that affordable housing and supportive programs improve the economic status of residents, revitalize neighborhoods and stabilize lives. Mercy Housing serves a variety of populations with housing projects for low-income families, seniors and people with special needs. Mercy Housing is redefining affordable housing by creating a stable foundation where residents can explore their potential, supported by practical resident programs such as health classes, financial education, employment initiatives, parenting and after-school programs for children.

 

PROJECT INFO:
Mercy Housing Lakefront is recapitalizing and performing a total historic rehabilitation of the Miriam Apartments, an existing SRO property that was originally redeveloped as a HUD Mod Rehab property by Lakefront Single Room Occupancy Corporation (which is now Mercy Housing Lakefront) in 1991. The Miriam is a four‐story brick building with 66-units of permanent supportive housing that serves formerly homeless women. The units currently have shared bathrooms and community kitchens, but the rehab will reconfigure to provide individual bathrooms for each unit while maintaining the 66-unit count and maintaining common areas. Post-rehab, the building will continue to serve individuals struggling with homelessness and disabilities but will not be restricted to women. Given the extensive construction scope, all 66 current tenants will be relocated during construction, with the right to return after completion.

project details

  • Project Site: Mercy Housing, Miriam Apartments
  • Developer: Mercy Housing Lakefront
  • Project Address: 4707 N Malden Ave., Chicago IL
  • Number of Units: 66
  • Property Type: Supportive Housing
  • Closed: March 29, 2019

 

Project Funding Sources:

  • 9% LIHTC Equity
  • Federal Historic Tax Credit Equity
  • State Donation Tax Credits
  • FHA-Insured Debt
  • FHLB AHP
  • Energy Grant
  • Seller Financing
  • Contributions/Grants
  • Project Based Vouchers
  • RAD Conversion

 

Unique Project Elements:

  • The building will be fully rehabbed and each unit will have a private bath and kitchenette as well as central air conditioning. These are all important quality of life items providing increased privacy and comfort for the residents. The financing for this project comes from several sources. A donation structure was put in place in order to access the Illinois Affordable Housing Tax Credits, and other financing includes 9% LIHTC equity, historic tax credit equity and a HUD 221(d)(4) loan provided by PNC Bank and a variety of soft funds.

 

Lightengale’s Role:

  • Strategy
    • Project-Based Vouchers/RAD
    • Project Budget
  • Financing Execution
    • Project Debt & Equity Coordination
    • Other Credits/Loan Funds
  • Due Diligence Coordination
    • Closing Owner Sworn Statement 

 

Photo Credit: Google Maps

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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
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