Evergreen Real Estate Group, together with Lake County Residential Development Corp., the Lake County Center for Independent Living and Lake County United, recently celebrated the grand opening of Fairhaven Crossing Apartments, a 40-unit affordable rental community in downtown Mundelein, Ill.
Attendees of the March 2 event, which included a ribbon-cutting ceremony and tours of the newly opened community, included Mundelein Village Administrator John Lobaito; Larry Pusateri, development partner at Evergreen Real Estate Group; Mary Ellen Tamasy, president of Lake County Residential Development Corp.; Walter (Jerry) Kendall, president of the Lake County Center for Independent Living; Christine Moran, managing director of multifamily finance at the Illinois Housing Development Authority; and David A. Northern Sr., executive director and CEO of the Lake County Housing Authority.
“Fairhaven Crossing shows what can be achieved when various groups pool their talents and resources for the good of the greater community – one that’s built around the principle of inclusion,” said Lobaito. “The completion of the project ensures our neighbors will have access to quality housing that is both affordable and conducive to their needs while serving as a catalyst for future investment in the downtown core.”
Located at 407 E. Hawley St., Fairhaven Crossing is part of a broader initiative to reimagine downtown Mundelein as a walkable mixed-use district. The $13.5 million affordable housing project involved converting and expanding a vacant 1½- story brick building on the site – previously a light industrial building – into a three-story residential building. The redevelopment was partially funded using $5.6 million in low-income housing tax credit financing secured by Evergreen Real Estate Group.
The new community includes a mix of one-, two- and three-bedroom units, with affordable rents for households earning 60 percent or less of the area median income (AMI). The family-friendly three-bedroom units account for half of the floor plans, while 12 apartments were set aside for individuals with disabilities. Each unit includes a living/dining room and open kitchen with vinyl plank flooring and Energy Star-rated appliances. Residents will also have access to a variety of on-site amenities, including a laundry room, a community room with full kitchen, computer lab, bike storage, playground and landscaped courtyard areas.
In addition, Fairhaven Crossing offers convenient access to the Mundelein Metra station and several bus stops, as well as shops, restaurants and essential services in downtown Mundelein.
“Fairhaven Crossing is a shining example of how communities like Mundelein can reap social and economic benefits by making housing accessible to residents across all income levels,” said Pusateri. “The Evergreen team is proud and humbled to be part of downtown Mundelein’s ongoing transformation.”
For more information or to schedule a showing, call (847) 970-9216 or email fairhaven@evergreenres.com.
About Evergreen Real Estate Group:
Founded in 1999, Chicago-based Evergreen Real Estate Group is a fully integrated multifamily company that develops, acquires and manages affordable and market-rate multifamily apartments for both seniors and families across eight states. Evergreen specializes in thoughtful, creative residential development solutions in communities around the Midwest. From adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing, Evergreen offers an experienced team of attorneys, architects and developers to municipalities seeking to create high-quality apartment communities. Evergreen currently owns and manages 6,500 units of multifamily housing. For more information on the company, visit www.evergreenres.com.
Evergreen Real Estate Group recently celebrated the grand opening of Fairhaven Crossing, a transit-oriented affordable housing community in downtown Mundelein, Ill.