KeyBank Community Development Lending and Investment (CDLI) provided a $22.6 million high leverage bridge loan for Evergreen Real Estate Group, a Chicago-based developer, acquirer and manager of affordable and market-rate multifamily communities, to acquire and preserve two contiguous affordable housing properties in Chicago that comprise 217 units. All but two of the units operate with a Housing Assistance Payment contract.
The transaction is part of a larger acquisition of six properties in Chicago that were built between 1920 and 1948. The bridge loan has an 18-month term to facilitate the acquisition.
David Lacki and Alton Tinker of KeyBank’s CDLI team structured the financing.