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20 Jul 2023

Habitat Co., P3 Land Financing for $100M Chicago Project

Habitat Co., P3 Land Financing for $100M Chicago Project

The Habitat Co. and P3 Markets have acquired land and lined up construction financing for the second phase of their 43 Green project in Chicago’s Bronzeville neighborhood. The first phase of the three-part $100 million project, featuring a 99-unit building, welcomed its first residents early this month.

Groundbreaking on the 80-unit second phase of the mixed-use South Side project is set to take place by the end of June. Situated west of the 43rd Street Green Line L Station, Phase II will include 44 affordable apartments.

43 Green is the first equitable transit-oriented development on Chicago’s South Side. Chicago’s ETOD program is aimed at bridging the inequality gap brought about by the lack of transit-adjacent development in South and West Side Chicago. In 2022, the Chicago City Council passed the Connected Communities Ordinance incentivizing TOD projects throughout the larger city area.

Phase II of the project will be financed with a U.S. Department of Housing and Urban Development-insured Section 221(d)(4) first mortgage originated by Bellwether Enterprise Real Estate Capital, a construction loan provided by Fifth Third Bank of Chicago, Low Income Housing Tax Credits through the City of Chicago and acquired by Fifth Third Bank through Stratford Capital Group and Chicago Department of Housing gap funding via a HOME loan and TIF grant.

A joint venture of Bowa Construction and McHugh Construction are heading up construction on the project. Landon Bone Baker is the development’s architect. Phase II is expected online by the end of summer 2024.



Find out more at MULTI-HOUSING NEWS

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