NHPF Annual Report 2016




Mark Twain Hotel Chicago, Illinois

Calvin Mowbray Park & Stephen Camper Park Cambridge, Maryland In July 2016, NHPF acquired and began significant rehabilitation of the Calvin Mowbray Park and Stephen Camper Park residential complexes in Cambridge, Maryland. The properties were acquired through a 98-year Capital Lease for $11 million. The acquisition was made possible through a joint venture of NHPF, CHA IDS LLC and The Housing Authority of Cambridge, Maryland, and through financial partnerships with the US Department of Housing and Urban Development (HUD), Wells Fargo Bank, the Maryland Community Development Administration and Department of Housing and Community Development, and R4 Capital LLC. This 2016 transaction was also notable because it was NHPF’s first acquisition using HUD’s Rental Assistance Demonstration (RAD) Program, streamlining access to private sector funding and other support. Built in the early 1970s, the 88-building, 190-unit property was in need of a massive redevelopment. The two-year planned renovation project will include installation of kitchen and bathroom upgrades, new energy efficient lighting and HVAC, washer/dryers, and the repair of driveways and sidewalks.

NHPF made a $22 million acquisition in June 2016 in downtown Chicago’s historic Gold Coast area. The acquisition was made possible by financial partnerships with Pembrook Capital Management LLC, The Chicago Community Loan Fund, Bellwether Enterprise Real Estate Capital, US Bank, and the City of Chicago Department of Planning and Development. NHPF will be able to maintain the property as affordable apartments pursuant to Chicago’s SRO Occupancy Preservation Ordinance passed in 2014. Originally constructed in 1932, the Mark Twain Hotel has always been a neighborhood landmark. This historic five-story, elevator building functions as an SRO (single resident occupancy) hotel. It contains 148 SRO units with private bathrooms. This property includes a lobby and eight retail stores on the ground floor, a parlor for community activities, and a laundry room for residents’ use. The property is well-located in a mixed use neighborhood and is across from The Sinclair, a residential tower and Jewel/Osco supermarket construction project that will be completed in 2017. The Mark Twain is conveniently located above the Chicago Transit Authority’s red line train station, providing 24-hour citywide public transportation.


NHPF Fiscal Year 2016 Annual Report 5

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