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CHICAGO-Mercy Housing wasted no time entering the multifamily market after opening an office here. The Denver-based not-for-profit affordable housing organization has bought 261 units in two complexes in the Austin community, part of an $11-million deal that eventually will include 415 units.

Mercy is paying ShoreBank $5.25 million for Lavergne Courts at 4908-50 W. Quincy St. and Washington Court, at 5416 and 5439 W. Washington Blvd.

“Through this collaborative effort with ShoreBank, Mercy Housing will ensure quality housing and long-term affordability for the residents of Lavergne Courts and Washington Courts and will continue to develop future opportunities for the residents of the city of Chicago,” says Mercy Housing Midwest president Charles Wehrwein.

Mercy Housing, which opened operations here last month, plans a renovation program that will include unit and common area repair, lighting, security, roof repair and masonry work. Lavergne Courts, which includes 158 units in eight buildings, is 75 years old. Washington Court is 79 years old, and includes 103 units in three buildings.

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