Multifamily N Illinois

Evergreen Real Estate completes renovation of affordable housing community

Evergreen Real Estate completes renovation of affordable housing community,ph1

Evergreen Real Estate Group has completed renovations on the Steven Michael Carroll House, a 36-unit affordable rental community in Chicago’s Logan Square neighborhood. The four-story building at 1819 N. Humboldt Blvd. is owned and operated by Thresholds, one of the oldest and largest providers of recovery services for persons with mental illnesses and substance use disorders in Illinois.

“Logan Square, in particular, has seen housing costs soar in recent years, making resources like the Steven Michael Carroll House all the more important for low-income households who call this neighborhood home,” said Kevin Beard, director of acquisitions for Evergreen Real Estate Group. “As a firm that regularly partners with nonprofit organizations, we were honored to work with Thresholds on a project that will continue to serve the community for years to come.”

Evergreen helped secure financing for the $3 million renovation, including Low-Income Housing Tax Credits (LIHTC) awarded by the Illinois Housing Development Authority, as well as historic tax credits syndicated by National Equity Fund. Other financing included an Affordable Housing Program award from the Federal Home Loan Bank of Chicago, and a loan from MB Financial. Project partners included Worn Jerabek Wiltse Architects, Bowa Construction and MacRostie Historic Advisors, which consulted on the historic tax credits.

Capital improvements included new paint and flooring in residences and common areas, as well as a new roof, windows, mechanical systems and an elevator. The community’s studio and one-bedroom apartments also received substantial kitchens and bath upgrades, including Energy Star-rated appliances.

Additional improvements were made to amenity spaces such as the community room with full kitchen, exercise room and computer lab. Residents of the Steven Michael Carroll House—formerly known as Humboldt House and renamed in memory of the son of Thresholds board member Deborah Carroll—also have access to an on-site laundry room, bike storage and landscaped courtyard areas.

“Leveraging our experience with full-property renovations, we were able to plan and execute upgrades in a way that minimized disruption to residents, who were able to remain in the community as improvements were made,” said Beard. “This was a priority for Thresholds, underscoring Evergreen’s commitment to tailoring capital improvement programs around the needs of the client—in this case, a nonprofit organization that needed the ability to continue serving at-risk populations.”