MR Properties Completes $27.7M, 120-Unit Community in Chicago

by Jeff Shaw

CHICAGO — MR Properties LLC has completed construction of Montclare Senior Residences, a 120-unit supportive living community in Chicago’s North Lawndale neighborhood.

The five-story community is located on a 2.5-acre site. Development costs were estimated at $27.7 million.

Supportive living is an Illinois program that allows assisted living services to be offered with government assistance.

Safeway-Brown-Duffy JV, a joint venture between Joseph J. Duffy Co., Safeway Construction Co. and Brown & Momen Co., managed the construction. The architect was Worn Jerabek Wiltse Architects. Gardant Management Solutions operates the newly opened community.

City assistance for the project includes $3 million in multifamily loans, $2 million in Tax Increment Financing (TIF), and $1.1 million in Low Income Housing Tax Credits that generated $10.2 million in equity for the project.

Other financing includes a $12.3 million HUD loan and a $191,000 grant from the Illinois Department of Commerce and Economic Opportunity. 

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