equity, soft debt from the City of Chicago, and an IHDA Permanent Supportive Housing (PSH) loan.
Berry Manor Transaction (Closing End of September) NHPF’s second Fall closing in Chicago will be the rehabilitation of Berry Manor Apartments, a 57-unit eight- story senior building in the Woodlawn neighborhood. Originally acquired in 2019, the recapitalization of Berry Manor will be an $18.3 million transaction funded via 4% LIHTC equity, a HUD 221d4 mortgage, an IHDA soft loan, existing reserves at the property, a seller note, and deferred developer fee.
The NHPF Quarterly September 2022
Special Fall Edition: How NHPF Spent Summer 2022 The organization was bursting with activity this summer. Highlights include onsite affordable housing internship programs for teens across our portfolio as well as several fun Back-to-School events. We are proud of important development news and we also take time to remember an important member of the NHPF family.
NHPF Transaction News Seabrook Square in Austin, TX The NHP Foundation 2022 Symposium Excitement is building for the 6th Annual NHPF Symposium One Paycheck Away from Homelessness: Building Popular Support for Affordable Housing Wednesday, October 19 in Washington, DC. The City Council approved the Seabrook Square proposal in Austin, Texas which will bring 262 units spread across four newly - constructed buildings to East Austin. This will be NHPF’s first development in Austin . Ridgecrest Phase 2: DC HPTF Funding Phase 2 of the rehabilitation of Ridgecrest Village Apartments was the recipient of a multi-million dollar award via the District of Columbia’s Housing Production Trust Fund (HPTF). The project will rehabilitate 128 units of affordable housing in DC’s Ward 8. Harvard Court Apartments: DC HPTF Funding Also awarded funds via DC’s Housing Production Trust Fund was Harvard Court Apartments. The proposed development will consist of 109 new affordable housing units in DC’s Ward 1. Hotel Covent Transaction (Closing End of September) The rehabilitation of Hotel Covent in Chicago, Illinois will
Frank L. Sullivan, Jr. (1945–1922) A Remembrance By Richard F. Burns, CEO, The NHP Foundation When writing a remembrance, it’s very easy to fall back on cliches—“A giant of the industry,” or “An inspiration to us all,” or “Smartest guy in the room,” but in the case of Frank L. Sullivan, Jr. who passed away this past August, these descriptions and more help tell the story of a man who demonstrated in action, and word, tremendous passion for his work, his family, and his friends. And, in no small part, helped influence the trajectory of affordable multifamily housing throughout the country. individuals, families, and seniors. Please donate now to support these efforts and keep affordable housing robust and meaningful for all residents. Upon graduating from Wharton, Frank held several senior real estate positions in the banking and financial services industries. In 1984, he became one of the founding partners of Clarion Partners, a leading New York-based commercial real estate investment firm, where he represented some of our nation's largest public institutions and their pensioners, including police officers, firefighters, teachers, and city workers. He was extraordinarily proud of the significant returns he achieved for various public employees in New York City and beyond. Operation Pathways Residents of NHPF’s affordable housing properties rely on Operation Pathways, NHPF’s resident services subsidiary, for vital onsite programs benefiting
breathe new life into this historic Single Room Occupancy (SRO) hotel in the Lincoln Park Our Top 4 Fall Picks Make this autumn an informed one! Check out these important books, fascinating listens, and a must-see art exhibit covering affordable housing, homelessness, and social justice. neighborhood, ensuring its sustainability as an affordable housing resource for years to come. Total development costs for the project will be $21.5 million via a primary mortgage, 4% LIHTC and Federal Historic Tax Credit equity, soft debt from the City of Chicago, and an IHDA Permanent Supportive Housing (PSH) loan. 1. Impact With Integrity: Repair the World Without Breaking Yourself by Becky Margiotta is for activists, nonprofit leaders, government administrators, and other social change leaders, including affordable housing providers. It includes a framework for doing the inner work of social change and digs into common organizational challenges she’s observed through her work at the Billions Institute, which helps social change leaders maximize their impact. READ MORE Berry Manor Transaction (Closing End of September) NHPF’s second Fall closing in Chicago will be the 2. “Evicted,” a new exhibit at The Armory in Somerville, MA brings eviction to the forefront using audio, visuals, and graphic depictions to remind visitors that this is happening not only in their community, but across the country. The exhibit, inspired by the book, Evicted , by Matthew Desmond, runs through November 4, 2022.
20 THE NHPF QUARTERLY SEPTEMBER 2022
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