2651 Gilbert Avenue
The Model Group, under the name of the Navarre Garrone Limited Partnership, is seeking a $992,000 federal HOME loan to rehabilitate 62 affordable rental units in Evanston, Mount Auburn and Walnut Hills.
The units are in four buildings: 1618 Hewitt Avenue, 2200 Vine Street, and 2651 and 2663 Gilbert Avenue.
The estimated cost of the project is $10.2 million, of which $5.6 million will be dedicated to hard construction costs.
City funding would come in the form of a 30-year loan and would be disbursed via the Rental Rehabilitation Loan Program.
The City will hold a second mortgage on the properties and, starting in the second year, will receive 25 percent of operating cash flow as debt service on the loan.
Other funding is being supplied by Low Income Housing Tax Credits, a state HDAP loan, bank financing, a sponsor loan and owner equity.
Rehabilitation of the units should be completed within 18 months of the loan closing.
An ordinance approving the loan is currently in City Council's Finance Committee.
The project was endorsed by council in 2006 for its application for federal tax credits.
Tuesday, March 25, 2008
Model seeks $992,000 loan for 62 units
