January 27, 2020
Evergreen Real Estate Group launched construction on Ravenswood Senior Living, a 193-unit affordable rental community at 4515 N. Winchester Ave. in Chicago’s Ravenswood neighborhood.
The third affordable senior housing community that Evergreen has developed on Chicago’s North Side over the past year, Ravenswood Senior Living is owned by Evergreen in partnership with Synergy Construction Group and the Chicago Housing Authority.
The $81-million project will convert the former Ravenswood Hospital built in 1974 and vacant since 2002, into affordable senior housing. It is among the first developments in the country to offer both independent living and supportive living for low-income seniors in a single location.
“Evergreen has developed a reputation for executing large-scale projects with complex capital stacks,” said Evergreen’s Jeff Rappin. On the Ravenswood project, “we used financing tools that weren’t necessarily designed to be used together, such as public housing tools, tax credit programs and the Medicaid waiver program.”
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