Location
Chicago
, IL
Project Overview
Lender:
Community Investment Corporation
Lender Type:
CDFI
Property Type:
Unsubsidized
Property Ownership:
For-profit
Deal Overview:
3-story brick courtyard building, built 1916, located in low-mod income census track. Air seal and Insulation: roof cavity (R-49); new high-efficiency (96%+ AFUE) condensing heating hot water boilers, boiler controls and domestic hot water storage tank
Improvements Covered:
Energy efficiency
Type of Project:
Acquisition/Rehab
Buildings:
2
Total Units:
29
Financing Details
Financing Type:
Construction/Rehab, Mini-Permanent/Permanent
Total Delivery Cost:
$1,110,000
Borrower Equity:
$353,221
Loan 1 Amount:
$1,110,000
Loan 1 Term:
10
Loan 1 Repayment Source:
Utility and operations savings; rental income
Incentives/Rebates:
$1,875
Completion Status:
Approved
Underwriting Considerations
Security:
Secured - real estate
Recourse:
Full recourse
Expected Annual Income:
$96,512
Debt Service Coverage Ratio:
1.27
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
