Merchants Capital Provides $103M Equity Loan For Island Terrace Multifamily In Chicago | 6430 South Stony Island Avenue | Merchants Capital | MultiFamily | Loan

Summary

Loan

ILLINOIS

MultiFamily

The multifamily property at 6430 South Stony Island Avenue in Chicago, consisting of 240 units, underwent rehabilitation with the help of an equity loan. The loan amount provided for this project was $103,000,000, facilitated by Merchants Capital.

Summary of transaction details:

Property Type: Multifamily
Transaction Amount: $103,000,000
Landlord: Aaron Gornstein - Preservation of Affordable Housing Inc.
Lender: Merchants Capital
Loan Type: Equity Loan
Units: 240
Address: 6430 South Stony Island Avenue, Chicago
Market: Chicago

Merchants Capital provided $54 million in debt and $49 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the rehabilitation of Island Terrace. Preservation of Affordable Housing Inc. (POAH) utilized a financing structure called "twinning" to maximize equity, ensuring the expansion of affordability restrictions for nearly all units for an additional 30 years.

Players

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1

Lenders
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Merchants Capital

Details

Deal Summary

FINANCED

IMAGE: Aaron Gornstein DATE: 02/27/2024 ADDRESS: 6430 South Stony Island Avenue MARKET: Chicago ASSET TYPE: Multifamily ~ UNITS: 240 LENDER: Merchants Capital (@MerchantsCapital) LANDLORD: Aaron Gornstein - Preservation of Affordable Housing Inc. (@POAHCommunities) LOAN AMOUNT: $103,000,000 LOAN TYPE: Equity Loan NOTE: Merchants Capital provided $54 million in debt and $49 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the rehabilitation of Island Terrace, a 21-story affordable housing property in Chicago's Woodlawn neighborhood, located across from the Obama Presidential Center. Preservation of Affordable Housing Inc. (POAH), the owner and developer, utilized a financing structure called "twinning" to maximize equity, enabling them to expand affordability restrictions to nearly all units and extend them for at least 30 more years.

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Address6430 South Stony Island Avenue

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