BELLWOOD, Ill. — Evergreen Real Estate Group has broken ground on Bellwood Senior Apartments, an 80-unit affordable rental community in the western Chicago suburb of Bellwood.
The $30 million project will replace a former Walgreens with a four-story, 73,228-square-foot residential building. Professionally operated by Evergreen’s in-house management team, Bellwood Senior Apartments will offer 76 one-bedroom and four two-bedroom independent living apartments for seniors age 62 or older, with incomes at or below 60 percent of the area median income.
Evergreen will begin accepting applications for the apartments in spring 2023, with completion scheduled for mid-2023.
Weese Langley Weese Architects designed the project, which is located near a Metra station, shops, restaurants and other businesses. FH Paschen is the general contractor.
Financial partners for Bellwood Senior Apartments include the Illinois Housing Development Authority as the tax credit issuer (both Low Income Housing Tax Credits and Illinois Affordable Housing Tax Credits) and subordinate funds provider; the Village of Bellwood, which provided incentives and a loan; Bank of America, which is the investor and construction loan lender; Hudson Housing Capital, which syndicated the tax credits; and Cook County, which is providing HOME funds.