Thanks to a $1,460,000 bridge loan from Mercy Loan Fund to Fencl/Platt LLC, low-income seniors will have quality affordable housing at Goldblatts Supportive Living Facility on Chicago’s south side. The Goldblatts Supportive Living Facility, located in the former Goldblatt’s department store, will consist of 101 units restricted for seniors at or below 60 percent of the area median income, but in reality will serve those well below the poverty line.
The developer, Goldblatt’s of Chicago LP, will renovate the upper floors of the former Goldblatt’s department store and convert them into 27 one-bedroom and 74 studio units with kitchenettes for low-income seniors. Other amenities in the development will include a dining room, commercial kitchen and common area space for tenant activities.
“Mercy Loan Fund is proud to help this accomplished development team reach its goal of bringing quality affordable housing to individuals in Chicago,” said Jason Battista, Director of Lending and Asset Management for Mercy Loan Fund.
Mercy Loan Fund provides financing to hundreds of local socially responsible organizations, enabling them to build or preserve affordable housing in their communities. To date, Mercy Loan Fund has made 440 loans in 38 states totaling $222 million. Loans are made for both new development and preservation of housing for low-income people.
“Mercy Loan Fund has demonstrated tremendous creativity and flexibility with its loan products to meet our evolving needs,” said Bill Platt, Development Manager for the project and President of Access Realty Group. “We are very excited about the opportunity to provide quality affordable housing to low-income residents as a result of this financing. Mercy Loan Fund’s ability to adapt to our different needs, while maintaining their strong underwriting principles, has helped us to grow and achieve our mission to providing supportive living to the low-income residents of Chicago.”
About Mercy Loan Fund
Mercy Loan Fund, a subsidiary of the national affordable housing organization Mercy Housing, provides financing to hundreds of local nonprofit organizations, enabling them to build or preserve affordable housing in their communities. Since 1985, the organization has made 440 loans in 38 states totaling $222 million, resulting in 18,300 affordable homes for over 50,300 residents. These loans have leveraged more than $1.5 billion in total development funding. Mercy Loan Fund is certified by the U.S. Treasury Department as a Community Development Financial Institution (CDFI). Mercy Loan Fund was formed with the goal of supporting the mission of Mercy Housing by making loans for affordable housing developments when conventional financing is not possible or affordable. For information about Mercy Loan Fund, please visit www.mercyloanfund.org.