CHICAGO — Merchants Capital has provided funding for the development of Montclare Senior Residences of Calumet Heights, a 134-unit affordable seniors housing project in Chicago.
Financing for the project was obtained through the United States Department of Housing and Urban Development (HUD) 221(d)(4) program. The funding was completed in partnership with MR Properties LLC and Patti Ann Charitable Services.
Located on a formerly vacant, five-acre lot in the historic Pill Hill neighborhood on Chicago’s South Side, the majority of units are reserved for extremely-low, very-low and low-income seniors earning no greater than 60 percent of the area median income (AMI).
Merchants Capital served as senior lender for the project, securing a construction and permanent non-recourse loan providing a 40-year term and 40-year amortization. The amount of the financing was not disclosed.