Centerline Capital Group, a provider of real estate financial and asset management services for affordable and conventional multifamily housing, and a subsidiary of Centerline Holding Company, has invested $9.1 MM in the second phase (2A) of the new Park Boulevard project in Chicago. The redevelopment of this south side public housing project is the corner stone of the rejuvenation efforts in the area. This affordable multi-family housing project is one of 16 projects spanning 10 states included in Centerline’s latest Fund, CCP38 which recently closed at $119.25MM.
“We are extremely excited about the Park Boulevard project. At Centerline, we continuously look to identify affordable housing deals that are attractive to our investors and also make a significant impact on the communities where they exist,” said Robert L. Levy, President and CFO of Centerline Capital Group. In addition to the new housing complex, the immediate area has seen other recent investments including a new dormitory for the Illinois Institute of Technology designed by the renowned Helmet Jahn, and a new metro stop that opened last April. The Park Boulevard Redevelopment project has seen strong support from the Chicago Housing Authority (CHA), and the City of Chicago Department of Housing and Economic Development.
Park Boulevard phase 2A will provide 128 units in four buildings on a single, two-acre site. The buildings will include a five story, 80-unit elevator building; a five story, 36–unit elevator building; and two three-story, 6-unit walk ups. Park Boulevard’s unit mix will consist of 72 one bedroom, 48 two bedroom, and 8 three bedroom units. There will be 46 public housing units and 54 non-public housing units restricted to residents earning less than 60% of AMI and 29 units will be unrestricted market-rate units.