$8.5M Loan Backs 155 Units at Henry Horner Site

CHICAGO-The city will lend $8.5 million to West Maypole, LP, a partnership between Brinshore Inc. and New Jersey-based Michaels Development Co., which will build 155 multifamily rental units in 15 buildings where the Chicago Housing Authority’s Henry Horner Homes once stood. The new rental units will be in an area bounded by Lake, Washington, Hermitage and Wood streets.

The Chicago Housing Authority will continue to own the land, leasing it to West Maypole, LP. The CHA was willing to make the loan but had used up its lending allocation, according to an ordinance being considered by the city council. The city’s department of housing is supporting the tax-exempt multifamily bond issue.

Meanwhile, developer Saul Waimberk is acquiring four parcels at 2120 N. Point St. and 2758-72 W. Francis St. in the Armitage-California/St. Louis redevelopment area from the city for $264,000. Under a separate ordinance being considered by the council, he will build 15 multifamily condominium units, with at least three selling for what the city considers an affordable price of no more than $179,000.