Evergreen Real Estate Group, a leader in the development, construction and management of both affordable and market-rate multifamily properties, has announced the topping-off of Bellwood Senior Apartments, an 80-unit affordable rental community at 542 25th Ave. in Bellwood, Illinois. The development is now pre-leasing, with first move-ins scheduled for August 2023.
The $30 million project replaces a former Walgreens with a four-story, 73,228-square-foot residential building. Professionally operated by Evergreen’s in-house management team, many of whom have previously worked in social services and the nonprofit sector, Bellwood Senior Apartments will offer 76 one-bedroom and four two-bedroom independent living apartments for seniors age 62 or older, with incomes at or below 60% of the Area Median Income.
General contractor F.H. Paschen has completed the concrete block masonry and precast plank structure, bringing it to its full height of four stories. The construction crew is currently installing mechanical, electrical, plumbing and fire protection rough-ins, which will be followed by drywall work, windows and façade finishes over the next couple of months.
Designed by Weese Langley Weese Architects Ltd., the contemporary building features gray and black brick masonry accented with large offset vertical panels, dramatic roof overhangs and bright perforated metal panel screens. Situated on the corner of Washington Boulevard and 25th Avenue, the building faces both streets, with a covered front entrance along Washington, and features four floors of floor-to-ceiling glass curtain wall that also encloses the resident community activity spaces.
The apartments feature full kitchens with appliances, accessible bathrooms, window treatments and intercom entry systems.
Shared amenities include laundry rooms on each level; community rooms on floors one, three and four; a fitness center; and storage rooms. The property also offers a surface parking lot for resident use.
Bellwood Senior Apartments is close to shops, restaurants and other businesses along 25th Avenue and is less than a mile north of the Eisenhower Expressway. The community also is about a mile from the Melrose Park Metra station, served by the Union Pacific West Line, and close to bus routes that connect to the CTA’s Forest Park Blue Line station.
Financial partners for Bellwood Senior Apartments include the Illinois Housing Development Authority (IHDA) as the tax credit issuer (both Low Income Housing Tax Credits and Illinois Affordable Housing Tax Credits) and subordinate funds provider; the village of Bellwood, which provided TIF incentives and a loan; Bank of America, which is the investor and construction loan lender; Hudson Housing Capital, which syndicated the tax credits; and Cook County, which is providing HOME funds.