Location
Chicago
, IL
Project Overview
Lender:
Community Investment Corporation
Lender Type:
CDFI
Property Type:
Unsubsidized
Property Ownership:
For-profit
Deal Overview:
8 buildings, all 3 story walk-up located across 3 blocks (townhouses), built 2009, located in low-mod income census track. Upgrades included 92% AFUE direct vent furnaces; ENERGY STAR power vent tank water heater; Programmable thermostats; Efficient light fixtures; ENERGY STAR refrigerators; Photovoltaics; Efficient windows: Low "E3" glass with Argon- Energy Star Rated - U .30
Improvements Covered:
Energy efficiency
Type of Project:
Acquisition/Rehab
Buildings:
8
Total Units:
57
Financing Details
Financing Type:
Construction/Rehab, Mini-Permanent/Permanent
Total Delivery Cost:
$3,205,950
Borrower Equity:
$361,515
Loan 1 Amount:
$3,205,950
Loan 1 Term:
10
Loan 1 Repayment Source:
Utility and operations savings; utility rebates; rental income
Incentives/Rebates:
$182,598
Completion Status:
Completed
Underwriting Considerations
Security:
Secured - real estate
Recourse:
Full recourse
Expected Annual Income:
$295,522
Debt Service Coverage Ratio:
1.29
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
