CHICAGO, JUNE 15, 2022 — CIBC today announced the completion of Schiller Place Apartments, a new affordable housing project in the Lincoln Park Neighborhood. The building includes 48 units of mixed-income housing with 40 units restricted to low and moderate income households.
“Mixed-income housing of this kind has a deep impact on the social fabric of the community,” said Cheryl Wilson, managing director and head of U.S. Community Development Lending at CIBC. “We are grateful for the opportunity to support affordable housing initiatives like this one.”
In addition to a $5.6 million investment, CIBC Bank U.S.A. provided a $12.6 million tax-exempt construction loan to build Schiller Place Apartments, which is integrated into a mixed-income community with amenities including highly rated public schools, a nearby shopping center, and access to public transit and employment centers.
Structured Development, a CIBC client who is a market-rate developer, initially led this project following a successful New City mixed-use development. After seeking an expert in building and operating high-quality affordable housing in a range of communities, they partnered with Evergreen Real Estate Group, another CIBC client that has been developing, acquiring and managing affordable and market-rate multifamily communities for nearly 3 decades. Another client and general contractor, GMA Construction Group, later joined the partnership.
The bank used the Hudson Housing Tax Credit Fund XCVII LP, a new proprietary low-income housing tax credit investment fund owned by Hudson Housing Capital and CIBC, to invest directly in the new living facility. Schiller Place Apartments is expected to qualify for 4% federal low-income housing tax credits allocated by the Illinois Housing Development Authority.
“We are always happy to provide financing for impactful projects,” said Tony Hernandez, head of U.S. Community Investment at CIBC. “The real reward, however, is seeing how it transforms our communities.”