CHICAGO, JANUARY 23, 2023 — CIBC is proud to announce its support for a significant mixed-use and mixed-income development on Chicago’s West Side. The project, Roosevelt Square, is the new construction, acquisition, rehabilitation and adaptive reuse of 406 residential units and 10,000 square feet of commercial space across 42 buildings.
“At CIBC, we prioritize the availability of safe, affordable housing and the preservation of our communities,” said Shawn Beber, Senior Executive Vice President and Group Head, US Region. “Roosevelt Square will become a haven for residents and provide opportunities for business owners. As we've seen in other projects, investments like this can improve quality of life, provide job opportunities and increase public safety.”
To finance the proposed project, CIBC Bank USA, in partnership with BMO Harris Bank N.A. (BMO), provided two construction period loans via a 50/50 syndication with BMO serving as agent bank. The two construction period loans consist of a $76.25 million tax-exempt funding loan and a $15.75 million taxable construction loan. The banks also provided $52.9 million in equity generated by Low Income Housing Tax Credits. CIBC provided $2.25 million in equity generated by Illinois Donations Tax Credits.
These loans and investments will help with the rehabilitation of 38 existing walk-up style buildings containing 184 low-income housing tax credit (LIHTC) units and new construction of four multi-family buildings, along with retail space. The mixed-income buildings will house 207 apartments, including 40 LIHTC units, 75 public housing units, which will convert to Section 8 units, and 92 market-rate units. One of the buildings will also include approximately 10,000 square feet of commercial space. In addition, the project will include the rehabilitation of the last remaining building from the Jane Addams Homes Housing Development, which will house the newly relocated National Public Housing Museum.
In 2022, CIBC Bank USA provided over $245 million in financing and investments to more than 20 affordable housing projects in Chicago.
“We remain actively engaged in the community because we are strongly committed to revitalizing our neighborhoods while addressing Chicago’s most pressing needs. Ensuring the health and vitality of our great city is a top priority for us,” said Beber.