Sangamon Terrace Apartments, a new four-story building of affordable senior housing near 63rd and Halsted streets in Chicago’s Englewood neighborhood, has been completed, according to Evergreen Real Estate Services.
Sangamon Terrace marks a significant investment in new senior housing construction for the neighborhood and is the nation’s last new-construction housing mixed-finance HUD 202 project.
Located at 6145 S. Sangamon Terrace, the $8.8 million Sangamon Terrace development received $4.3 million through the Department of Housing and Urban Development’s (HUD) Section 202 program, which was created in 1959 to finance the development and preservation of supportive housing for low-income seniors. Although Section 202 still provides rental assistance to residents of existing communities, funding for new construction has not been available since 2012.
One of only three mixed-finance 202 projects ever developed in Illinois, Sangamon Terrace also received an additional $3.1 million in low-income housing tax credits – administered by the Illinois Housing Development Authority (IHDA) – and $1.4 million from a City of Chicago HOME loan. Evergreen Real Estate Services structured and closed the mixed-finance transaction in collaboration with its affordable housing development affiliate, VeriGreen Residential Development.
The complex is connected by a ground-level corridor to the adjacent 123-unit Bethel Terrace, an existing senior housing community that is also managed by Evergreen Real Estate Services.
Whole Foods Market plans to open an 18,000-square-foot store across the street from the senior housing community in August 2016 in a new retail center that will also house Chipotle and Starbucks, among other tenants. And next door to the senior housing building is the 40-acre, six-building Kennedy-King College campus, part of City Colleges of Chicago, which completed construction in 2007.
Residents of the facility are seniors age 62 or older. Each unit includes one bedroom, a full bathroom, living/dining room and an open kitchen. The new building also includes a large community room and laundry facilities.
The Sangamon Terrace project team included Chicago-based firms Harley Ellis Devereaux as project architect, The Richman Group Affordable Housing Corp. as tax credit syndicator, Citi Community Capital as construction lender and Joseph J. Duffy Co. as general contractor.