National Cooperative Bank (NCB) has provided $17.9 million in financing to Gill Park Cooperative, an affordable housing cooperative in Chicago, IL.
The 260-unit limited equity housing cooperative, which, from the beginning has operated as a 100 percent Section 8 project, was able to secure a competitive mortgage to complete its planned capital improvements over the next two years without incurring any increase in current maintenance fees.
Planned improvements at the co-op include new plumbing and HVAC system, a redesigned lobby and laundry facilities, as well as a number of exterior improvements. In addition, all interior units will be renovated with new kitchens, floors and wall finishes.
NCB Senior Vice President Larry Mathe arranged the financing, in collaboration with the co-op board of directors and managing agent.