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.
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.
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.