Source: Hudson Valley Property Group
CHICAGO, IL - Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announced the acquisition of Drexel Court & Lake Park East, a site project consisting of four multi-family buildings in Chicago's Bronzeville neighborhood: 4420 S. Drexel Blvd, 4700 S. Drexel Blvd., 4530 S Drexel Blvd and 4725 S. Ingleside Ave.
The acquisition marks HVPG's entrance into the Chicago market as part of a larger expansion to the Midwest beyond its footprint across the East Coast. The deal presents an opportunity for HVPG to improve and preserve 155 units of affordable housing while furthering its goal of uplifting and revitalizing communities through HVPG's investments in high-quality, sustainable neighborhood assets.
"As a firm committed to 'doing well by doing good' across the nation, we are thrilled to expand our mission to the Midwest region," said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. "We look forward to working closely with the City of Chicago, HUD and the IHDA to bolster the city's supply of quality, affordable housing in a time of increased demand."
HVPG is planning an approximately $13.1M renovation at the Drexel Court & Lake Park East that will prioritize building modernization, high-end security, energy efficient upgrades and resident quality of life improvements with new common spaces including an outdoor picnic area and business center. To ensure long-term affordability for its residents, HVPG secured a new 20-year term HAP contract with U.S. Housing and Urban Development (HUD) as well as a new 30-year LIHTC regulatory agreement.
The project will be financed with equity from Hudson Valley Property Group's latest fund, as well as 4% low-income housing tax credits and tax-exempt bonds through the Illinois Housing Development Authority (IHDA).