CHICAGO, Jan. 23,
2023 /PRNewswire/ - CIBC is proud to announce its
support for a significant mixed-use and mixed-income development on
Chicago's West Side. The project,
Roosevelt Square, is the new
construction, acquisition/rehabilitation, and adaptive reuse of 406
residential units and 10,000 square feet of commercial space across
42 buildings.
"At CIBC, we prioritize the availability of safe, affordable
housing and the preservation of our communities," said Shawn Beber, Senior Executive Vice President and
Group Head, US Region. "Roosevelt
Square will become a haven for residents and provide
opportunities for business owners, and as we've seen in other
projects, investments like this can improve quality of life,
provide job opportunities and increase public safety."
To finance the proposed project, CIBC Bank USA, in partnership with BMO Harris Bank N.A.
(BMO), provided two construction period loans via a 50/50
syndication with BMO serving as agent bank. The two construction
period loans consist of a $76.25
million tax-exempt funding loan and a $15.75 million taxable construction loan. The
banks also provided $52.9 million in
equity generated by Low Income Housing Tax Credits and CIBC
provided $2.25 million in equity
generated by Illinois Donations Tax Credits.
These loans and investments will help with the rehabilitation of
38 existing walk-up style buildings containing 184 low-income
housing tax credit (LIHTC) units and new construction of four
multi-family buildings, along with retail space. The mixed-income
buildings will house 207 apartments, including 40 LIHTC units, 75
public housing units—which will convert to Section 8 units—and 92
market-rate units. One of the buildings will also include
approximately 10,000 square feet of commercial space. In addition,
the project will include the rehabilitation of the last remaining
building from the Jane Addams Homes Housing Development, which will
house the newly relocated National Public Housing Museum.
In 2022, CIBC Bank USA provided over $245
million in financing and investments to more than 20
affordable housing projects in Chicago.
"We remain actively engaged in the community because we are
strongly committed to revitalizing our neighborhoods while
addressing Chicago's most pressing
needs, and ensuring the health and vitality of our great city is a
top priority for us," said Beber.
About CIBC
CIBC is a leading North American financial institution with 13
million personal banking, business, public sector and institutional
clients. CIBC offers a full range of advice, solutions and services
in the United States, across
Canada and around the world. In
the US, CIBC Bank USA provides
commercial banking, private and personal banking and small business
banking solutions and CIBC Private Wealth offers investment
management, wealth strategies and legacy planning. Visit us at
cibc.com/US.
Member FDIC and
Equal Housing Lender. Loans are subject to credit approval. The
CIBC logo is a registered trademark of CIBC, used under license.
Investment Products Offered are Not FDIC-Insured, May Lose Value
and are Not Bank Guaranteed.
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SOURCE CIBC