Location
Chicago
, IL
Project Overview
Lender:
Community Investment Corporation
Lender Type:
CDFI
Property Type:
Unsubsidized
Property Ownership:
Non-profit
Deal Overview:
Corner brick 3-story building, built 1909, located in low-mod income census track. Upgrades included gas forced air furnaces (95%+ AFUE); roof cavity air seal and insulation (R-49); exterior wall insulation (R-19); ENERGY STAR refrigerators; High efficiency DHW heaters (90%); LED lighting; Low flow faucets; WaterSense toilets; Efficient windows - Advance Windows series 6000
Improvements Covered:
Energy efficiency, Water efficiency
Type of Project:
Acquisition/Rehab
Buildings:
1
Total Units:
8
Financing Details
Financing Type:
Construction/Rehab, Mini-Permanent/Permanent
Total Delivery Cost:
$427,500
Borrower Equity:
$127,140
Loan 1 Amount:
$427,500
Loan 1 Term:
10
Loan 1 Repayment Source:
Utility and operations savings; rental income
Incentives/Rebates:
<$5,000
Completion Status:
Completed
Underwriting Considerations
Security:
Secured - real estate
Recourse:
Full recourse
Expected Annual Income:
$39,088
Debt Service Coverage Ratio:
1.34
Project Affordability Criteria:
Projected rents are at or below 60% AMI
Projected Energy Savings Calculation Methodology:
Comparable to ASHRAE Level 1+; BPI Standard Practice for Multifamily Energy Auditing