News from CIC: Upcoming Event and Recent Deals

CIC Featured as Innovator by Urban Institute

A CIC-financed property is included in the Urban Institute's Anatomy of a Preservation Deal collection of case studies.  CIC financed the rehab of 4657 W Madison in the Austin community, helping to bring a long-vacant property back into productive use.

SRO Preservation in Pilsen
 
CIC joined The Resurrection Project on August 23 to celebrate its newly acquired and renamed Single Room Occupancy (SRO) property, Casa del Sol, which TRP will maintain as affordable housing in the vibrant Pilsen neighborhood. 

CIC loan officer Anthony Hawthorne spoke at the event, along with TRP CEO Raul Raymundo, Alderman Danny Solis, and two Casa del Sol residents. Read more about the deal below, and at resurrectionproject.org or DNAinfo.  
Community Celebration and BBQ in Woodlawn
 
Taking place Saturday, October 8, "The MMBBQ: Party at the Gas Station" will be a community celebration to beautify the vacant gas station at the corner of 61st and Lawrence in the Woodlawn neighborhood.  This area is targeted for reinvestment by the City's Micro Market Recovery Program (MMRP). The party will feature free barbecue provided by Sweet Baby Ray's and activities for children. The event is sponsored by the City of Chicago's Department of Planning and Development, CIC, Chase, Chicago Community Loan Fund, and NHS of Chicago.  All are welcome. View the event flyer for details.
CHA Owner Symposium - October 1
 
The Chicago Housing Authority (CHA) is hosting its Owner Symposium, an educational event for current and potential Housing Choice Voucher (HCV) Program property owners, managers, and investors, on October 1.  CIC will be attendance, and CIC's Taft West will be a featured speaker on the topic of property management.  The event is free, but requires advanced registration.  For all the details and to register, visit chaownersymposium.org.
Recent Deals
The Resurrection Project received a Flex Loan of $1.025 million from CIC to acquire a 54 unit Single Room Occupancy (SRO) property in Pilsen (see above). The Flex Loan program allows CIC to offer loan-to-value ratios higher than the typical 80% for certain deals.

North Park Tower Cooperative received a $4 million loan from CIC.  North Park Tower is a 125 unit limited equity housing cooperative established in 1971.  The loan will fund significant improvements for the property, which provides affordable housing in the Old Town neighborhood.

Khari Andrews received a $404,000 loan from CIC to rehab a 12-unit property at 73rd and Merrill in the South Shore neighborhood.  Andrews has been a repeat customer at CIC as he upgrades his portfolio of rental properties.

The Lunt Lake Apartments housing cooperative received a $463,000 Energy Savers Loan from CIC to upgrade its heating systems. The tenant-owned property in Rogers Park is projected to save 25% on its gas bill.

An owner-operator received a $1.1 million loan for a portfolio of single-family and town homes with a total of 12 units on the northwest side of Joliet and adjacent Crest Hill.  The loan was made under CIC's 1-4 Unit Rental Redevelopment Loan Program, which provides takeout financing for groups of 1-4 unit properties. 

As Chicago's leading multifamily rehab lender, CIC offers comprehensive and flexible financing options to fit your project needs:
  • Purchase/rehab in the same loan
  • Cash out/Refi loans to expand your portfolio
  • Quick acquisition loans
  • 1-4 unit rental redevelopment loans (for investors)
  • Unique Energy Savers loan program
  • Competitive rates & terms
That's just the beginning.  Get personalized attention, specialized knowledge from experts in the field, and no-cost training and networking opportunities to make sure you reach your goals.


Contact us today - let's build together .
312.258.0070  |  lending@cicchicago.com  |  www.cicchicago.com
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