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CHICAGO-A $43-million, 333-unit multifamily project that will provide affordable housing for senior citizens is under construction in the Belmont-Cragin neighborhood on the city’s Northwest Side. A six-story, 153-unit building is expected to be ready for occupancy before the end of the year, before construction begins on a seven-story, 180-unit building that will be ready by the fall of 2002.

MR Properties, LLC, which has done $360 million in commercial development in the market, is developing the Montclare Senior Residences, which also will include a community center and outdoor recreation center. Financing has come from city and state programs, including the Illinois Housing Development Authority’s Affordable Housing Trust Fund, city of Chicago tax-exempt bonds, Home Funds and tax increment financing. Apollo Housing Capital LLC is providing equity financing.

The Montclare Senior Residences will be available to those at least 55 years old earning less than $29,500, or $33,500 for couples. Rents will start at $575 a month for one-bedroom apartments and $875 for two-bedroom units.

Located at 6650 W. Belden Ave. next to Shriners Hospital, The Montclare is designed by Chicago-based Kachoris Altay Architects, Inc. Northbrook, IL-based Crane Construction is general contractor. Chicago-based New Frontier Management Corp. will provide on-site management and leasing.

“We are creating what we hope will become a prototype,” says Philip I. Mappa, managing director of MR Properties. “There currently are no other communities like The Montclare in Chicago for the affordable seniors housing market that offer a comparable quality of life, amenities and extensive outdoor recreational space. We are incorporating many of the services and features typically associated with the higher priced seniors residences and making them available and more affordable to middle income seniors.”

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