Walker & Dunlop broke ground on Parkside 5, the fifth and final phase of the Parkside at Old Town development, a 99-unit community located on the former Cabrini-Green public housing site in Chicago’s Near North Side.
The Walker & Dunlop affordable housing team syndicated Low-Income Housing Tax Credits (LIHTC) and Illinois Donation Tax Credits on behalf of the client, Holsten Real Estate Development Corp. Walker & Dunlop affordable equity syndicated the equity to JP Morgan, resulting in $22.6 million of equity to support the development. In addition to syndicating the credits, JP Morgan is providing a construction loan for the project.
The funding will support the construction of a mix of market-rate and affordable units, with 37 of the units benefiting from a 20-year Section 8 Housing Assistance Payment (HAP) contract. These affordable units will be reserved for households earning 50 percent and 60 percent of the area median income or less.
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