The borrower, Herron Development Co., is a repeat customer as it has borrowed for eight projects since 1986. The company owns properties in the East Garfield Park community as well as Austin.
In the first five months of its fiscal year, CIC has loaned $30.5 million on 44 projects, which will preserve 1,176 affordable units, according to the company. That puts CIC on track to a record year.
The South Side has been CIC's most active lending area recently, the company reports, with 52 loans in the last fiscal year for $15.3 million, affecting 560 units.
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