Evergreen Real Estate Completes Affordable Housing Project

July 19, 2021, Ben Swett, The SeniorCare Investor - Ravenswood Senior Living, a 193-unit affordable seniors housing development in Chicago's Ravenswood neighborhood, was recently completed by Evergreen Real Estate Group (Evergreen), Synergy Construction Group (Synergy) and the Chicago Housing Authority (CHA).

The original 10-story structure, formerly Ravenswood Hospital, was erected in 1974 and emptied in 2002.  The $81 million redevelopment/renovation project took a year and a half to complete.

The property now has 74 one-bedroom independent living apartments for Chicago Housing Authority residents and 119 units for participants in the Illinois Supportive Living Program, which is run by the Illinois Department of Healthcare and Family Services (IHDA) as an alternative to nursing home care.

IHDA provided $29.1 million in first mortgages and $12.5 million in construction bonds.  IHDA also issued 4% Low Income Housing Tax Credits, which generated $16.7 million in equity syndicated by National Development Corp., and Illinois Affordable Housing Tax Credits generating just under $1 million in equity syndicated by Clocktower.

Additionally, Chicago Housing Authority provided $22.3 million in permanent financing and KeyBank provided $9.2 million in construction financing.

Both communities are housed in the same structure - however, the independent living community is 60% occupied and will be managed by Evergreen, while the supportive living facility will be run by Asbury Healthcare

The supportive living portion will have its first residents move in at the end of July.  There is an income restriction of 60% of the area median income for all apartments.

During construction, Evergreen tried to conserve as much of the original structure as possible while making important structural improvements, including the installation of an elevator and stairs at the independent living community's entrance to increase accessibility for residents and visitors.

Ravenswood Senior Living is the third affordable seniors housing community that Evergreen has developed on the north side of Chicago in recent years.  Leopardo Cos. was the general contractor for the project, with Evergreen Construction Co., a division of Evergreen Real Estate Group, serving as a subcontractor.