This Week's Chicago Deal Sheet: Community Investment Corp. Unveils $322M Affordable Housing Loan Pool
Community Investment Corp., a Chicago nonprofit lender dedicated to financing the acquisition, rehabilitation and preservation of affordable rental housing, announced a nearly $322M loan commitment.
The commitment to CIC’s loan pool came from 37 investor banks, and the funding should support the acquisition and rehabilitation of thousands of units of affordable rental housing over the next five years, according to a press release. The loan pool will enable CIC to provide financing to small, local entrepreneurs and landlords who often face challenges in obtaining funding from traditional banking institutions.
“Small and midsized banks account for more than half of the total loan pool — their role is indispensable. Alongside the contributions of large financial institutions, they help create a more inclusive and resilient financial ecosystem,” CIC President and CEO Stacie Young said in a press release.
PEOPLE
Interra Realty hired Tommy Richard as an associate. Richard will work alongside Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra. Specializing in the north side of Chicagoland, Richard will work on market analysis, asset valuation and business development.
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The Missner Group tapped Maxx Kossof to join the team as vice president of development and acquisitions. In this role, Kossof will focus on expanding the real estate platform by identifying and executing new development and investment opportunities across the industrial sector.
SALES
An investment firm acquired a 39K SF medical office property at 1508 Aurora Ave. in Naperville for an undisclosed price. The company retained RX Health & Science Trust to continue providing property management services. The property is 100% leased to Advocate Health Care.
LEASES
Hanger Clinic signed a 19K SF, full-building lease for its new Integrated Care Center at 640 E. Golf Road in Schaumburg. The former furniture store was transformed into a clinic providing orthotic and prosthetic care to patients from around the world. NAI Hiffman's Brian Edgerton represented Hanger Clinic in the deal, while Keeley Construction built the facility.
FINANCING
Byline Bank’s commercial real estate group closed on a $9.2M loan with LSC Development to fund the conversion of an office building at the intersection of Interstate 355 and North Avenue in Lombard into a self-storage facility.
The 103K SF building at 665 W. North Ave. will be converted into a 68K SF self-storage facility, providing 64 secured surface parking spaces for RVs and passenger vehicles.
