Evergreen Real Estate Group, a leader in the development, construction and management of both affordable and market-rate multifamily properties, has announced the completion of Bellwood Senior Apartments. The 80-unit community at 542 25th Avenue in Bellwood, Illinois, a western suburb of Chicago, provides independent living options for low-income seniors.
Representatives from Evergreen were joined by Illinois House Speaker Emanuel “Chris” Welch, Bellwood Mayor André F. Harvey and Chris Nash of Bank of America at a Dec. 13 ribbon-cutting for the $31.5 million project, which replaces a former Walgreens that had been vacant for nearly five years. The new four-story development offers 76 one-bedroom and four two-bedroom apartments for seniors aged 62 or older, with incomes at or below 60% of the Area Median Income. The building is expected to be 40% leased in December and reach full occupancy in the next few months.
“The robust interest we have already seen demonstrates the need for affordable senior housing in Chicago’s western suburbs,” said David Block, director of development for Evergreen Real Estate Group, which is also managing the property. “I’d like to thank Mayor Harvey and the many village officials and project partners who were instrumental in bringing this project to life. Not only is Bellwood Senior Apartments providing quality housing for the growing senior population in this area, but it also is a vibrant and dynamic addition to the 25th Avenue corridor, helping to catalyze future investment.”
“This is a big deal for our community and for our seniors who have helped build Bellwood into the wonderful place we love today,” said Speaker Welch. “Giving our seniors a beautiful, safe and affordable place to call home will allow them to focus more on activities they enjoy, like spending time with family and loved ones. I want to thank Mayor Harvey, the team he assembled, and everyone who had a hand in making this beautiful building a reality.”
Mayor Harvey added, “Our seniors are the backbone of our community, and I have made them a major priority of my administration. Providing them with a beautiful home in which to live their golden years is vital. It is truly amazing how far we have come in slightly over three years with the opening of the magnificent Bellwood Senior Apartments. The dream team we assembled to make this possible all deserve a major thank you for turning my idea into reality amidst a worldwide pandemic. This amazing transformative building would not be possible without their collective work and tireless energy.”
“Bellwood Senior Apartments shows what is possible when an underutilized, vacant site is transformed into an asset that improves the quality of life for everyone in the community,” said Illinois Housing Development Authority (IHDA) Executive Director Kristin Faust. “Mayor Harvey and the Village Board have been champions in bringing housing and economic growth to Bellwood, and we look forward to continuing this work together to ensure affordable housing is a priority for the community’s future.”
Bellwood Senior Apartments is less than a mile north of the Eisenhower Expressway, approximately a mile from the Melrose Park Metra station, served by the Union Pacific West Line, and close to bus routes that connect to the CTA’s Forest Park Blue Line station.
Financial partners for Bellwood Senior Apartments include IHDA as the tax credit issuer (both Low Income Housing Tax Credits and Illinois Affordable Housing Tax Credits) and subordinate funds provider; the Village of Bellwood, which provided a TIF loan; Bank of America, which is the investor and construction loan lender; Hudson Housing Capital, which syndicated the tax credits; Cook County, which provided HOME funds; and the ComEd Energy Efficiency Program.
F.H. Paschen served as general contractor on the development.
