McShane Construction Co. has been selected to provide comprehensive renovation and construction services for the Borinquen Bella Apartments on behalf of developer, Latin United Community Housing Association (LUCHA). The project incorporates 62,896 square feet of extensive exterior and interior renovation work that will transform four existing scattered site multi-family buildings in Chicago’s Humboldt Park neighborhood into apartment residences that are modernized to today’s living standards providing a safe and cost-effective environment for individuals and families.
LUCHA conducted a groundbreaking ceremony in commemoration of the start of this new renovation assignment that will help break down the barriers to affordable housing.
McShane Construction’s assignment includes the installation of new building roofs, windows, doors and flooring along with kitchen and bathroom upgrades. The improvements that will be incorporated into the one-, two- and three-bedroom apartments will help create a mix of affordability for residents. The existing brick façade of the buildings will be updated with brick tuckpointing and repairs, while the interiors of the structures will be modernized and technologically improved.
The City of Chicago’s Department of Housing and Economic Development represents the main financing source for the Borinquen Bella renovation project providing an allocation of low-income housing tax credits, HOME funds from the U.S. Department of Housing and Urban Development, and funds from U.S. Department of Energy’s Energy Efficiency and Conservation Block Grant. In addition, financial support is being provided by the Illinois Housing Development Association. NEF (National Equity Fund) Assignment Corp. is the tax credit investor. The project’s construction loan is being underwritten by BMO Harris Bank.
Landon Bone Baker Architects is providing the architectural services for this assignment.
