August 6, 2020
Bellwether Enterprise Real Estate Capital LLC closed on a $20.5-million loan to rehabilitate and preserve the affordability of Victory Apartments, a 107-unit portfolio of nine multifamily properties in the West Side neighborhoods of West Town and Humboldt Park.
EVP Victor Agusta arranged the Federal Housing Administration loan on behalf of the borrower, Bickerdike Redevelopment Corporation. The rehabilitation was financed with tax-exempt bonds, a 4% Low-Income Housing Tax Credit, Illinois Donation Tax Credits and a subordinate mortgage from the Illinois Housing Development Authority.
The existing Section 8 Housing Assistance Payments contract was renewed for 20 years under the Rental Assistance Demonstration program.
“Victory Apartments have provided a crucial source of affordable housing for families in Chicago for decades amid rising pressures of gentrification,” said Agusta. “We are proud to help enhance the quality of living for residents and ensure that Victory Apartments remains affordable for years to come.”
For comments, questions or concerns, please contact Paul Bubny