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Southwick Place

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Southwick Place

Experienced Developer Non-Profit Organization

Southwick Place

DEVELOPER INFO:
OTR is an Illinois not-for-profit whose mission is to provide affordable, accessible housing options for low income adults who depend on wheelchairs for mobility. Its primary goal is to provide these mobility impaired adults with housing alternatives where they can direct their own care and live independently, with dignity, in a residential community as opposed to an institutional setting. Currently, OTR owns five buildings with 120 units and manages two other buildings with an additional 30 units, all located in Northern Illinois. The Hill Arboretum Apartments in Evanston, Illinois contain 33 apartments for a more severely disabled population that benefits from congregate dining and shared access to personal care attendants for personal and housekeeping support. The other six buildings contain independent apartments that have been customized for mobility impaired residents.

 

PROJECT INFO:
Southwick Apartments includes forty (40) units in a new construction building in Matteson, IL, adjacent to a previously developed HUD 811 development. Southwick provides an affordable, accessible housing option for low income adults who are mobility impaired or have a need for mobility features. The building models an independent apartment building but is customized for a mobility impaired resident. Specific features include roll-in showers, pull-under sinks, accessible appliances and lower switches, outlets, windows and door handles. The building also incorporates a variety of common space and market rate amenities.

project details

  • Project Site: Southwick Place Apartments
  • Developer: Over the Rainbow
  • Project Address: 5150 Southwick Dr., Matteson, IL
  • Number of Units: 40
  • Property Type: Family Housing and Supportive Housing
  • Closed: August 2014
  • Awards Received: 2016 Urban Land Institute Vision Award Winner

 

Project Funding Sources:

  • 9% LIHTC Equity
  • HOME/CDBG
  • Amortizing Private Debt
  • Construction Loan
  • FHLB AHP
  • Energy Grant
  • Project Based Vouchers

 

Unique Project Elements:

  • Over The Rainbow developed its earlier buildings through the Section 811 program. This was its first LIHTC – financed deal. The Village of Matteson welcomed this second project from Over The Rainbow in its community. Lightengale Group also provided owner representation services through construction.

 

Lightengale’s Role:

  • Strategy
    • Site Feasibility Analysis
    • LIHTC Application
    • Project Based Vouchers
    • 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
    • Closing Owner Sworn Statement
  • Post Closing Services
    • Construction - Owner Rep Services
    • Construction Administration of Draws
    • Equity Installments Coordination
    • LIHTC - Carryover/10% Test
    • LIHTC - 8609 Coordination

 

Photo Credit: Weese Langley Weese Architects

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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