Evergreen Real Estate Group Completes Renovation of the Steven Michael Carroll House on Chicago’s Northwest SideJanuary 11, 2019
Evergreen Real Estate Group, a leader in the development, rehabilitation and management of both affordable and market-rate multifamily housing, today announced it has completed its renovation of the Steven Michael Carroll House, a 36-unit affordable rental community in Chicago’s Logan Square neighborhood. The four-story building at 1819 N. Humboldt Blvd. is owned and operated by Thresholds, one of the oldest and largest providers of recovery services for persons with mental illnesses and substance use disorders in Illinois. Formerly known as Humboldt House, it was renamed in memory of the son of Thresholds board member Deborah Carroll.
“Logan Square, in particular, has seen housing costs soar in recent years, making resources like the Steven Michael Carroll House all the more important for low-income households who call this neighborhood home,” said Kevin Beard, director of acquisitions for Evergreen Real Estate Group. “As a firm that regularly partners with nonprofit organizations, we were honored to work with Thresholds on a project that will continue to serve the community for years to come.”
Evergreen helped secure financing for the $3 million renovation, including Low-Income Housing Tax Credits (LIHTC) awarded by the Illinois Housing Development Authority (IHDA), as well as historic tax credits syndicated by National Equity Fund (NEF). Other financing included an Affordable Housing Program (AHP) award from the Federal Home Loan Bank of Chicago, and a loan from MB Financial. Project partners included Worn Jerabek Wiltse Architects, Bowa Construction, and MacRostie Historic Advisors, which consulted on the historic tax credits.
Capital improvements included new paint and flooring in residences and common areas, as well as a new roof, windows, mechanical systems and an elevator. The community’s studio and one-bedroom apartments also received substantially new kitchens and baths, including Energy Star-rated appliances.
Additional improvements were made to amenity spaces such as the community room with full kitchen, exercise room and computer lab. Residents of the Steven Michael Carroll House also have access to an on-site laundry room, bike storage and landscaped courtyard areas.
“Leveraging our experience with full-property renovations, we were able to plan and execute upgrades in a way that minimized disruption to residents, who were able to remain in the community as improvements were made,” said Beard. “This was a priority for Thresholds, underscoring Evergreen’s commitment to tailoring capital improvement programs around the needs of the client – in this case, a nonprofit organization that needed the ability to continue serving at-risk populations.”
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 10 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 8,000 units of multifamily housing. For more information on the company, visit www.evergreenreg.com.