CIBC Bank USA Provides $43.6M Construction & Permanent Loan For Boulevard Apartments In Chicago

Boulevard Apartments Preservation, LP has secured a $43,600,000 construction and permanent loan from CIBC Bank USA. The loan will be used to address Chicago's affordable housing crisis by acquiring and rehabilitating Boulevard Apartments in Logan Square, West Town, and Humboldt Park. This initiative aims to provide stable and improved affordable housing in these neighborhoods.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $43,600,000
• Lender: Tony Hernandez - CIBC Bank USA
• Landlord: Joy Aruguete - Boulevard Apartments Preservation, LP
• Loan Type: Construction & Permanent Loan

CIBC Bank USA, represented by Tony Hernandez, is taking a proactive approach to tackle Chicago's affordable housing crisis. In addition to providing a $17.6 million construction loan and a $708,000 permanent loan, CIBC is investing $26 million in the Boulevard Apartments Preservation project. This partnership between CIBC Bank USA and Boulevard Apartments Preservation, LP showcases the commitment to improving affordable housing options in the city.