Lucy Gonzalez Parsons Apartments Deal Structuring
We assisted Bickerdike, a nonprofit community developer, in structuring the financing and preparing a supplemental TIF application for the Lucy Gonzalez Parsons Apartments, a 100-unit affordable housing development.
Bickerdike Redevelopment Corporation (Bickerdike)
Housing Strategies & Implementation, Public-Private Partnership Structuring & Negotiation
Chicago, IL
This project is located in Chicago’s Logan Square neighborhood, an area that has undergone rapid gentrification and has lost a substantial amount of naturally occurring affordable housing. SB Friedman worked across a range of financing sources including a combination of 4% Low-Income Housing Tax Credits, CHA Rental Demonstration Assistance capital funds, TIF, Illinois Donation Tax Credits, tax-exempt bonds, and general partner equity.
Work Completed
Projected TIF revenue available to support the project
Developed a detailed pro forma and analyzed scenarios illustrating the impact of alternative funding sources
Assisted with outreach to lenders to discuss proposed structure of transactions
Prepared a Supplemental TIF Multifamily Application for the City of Chicago
Results
Bickerdike secured financing for the Lucy Gonzalez Parsons Apartments in August 2020. The all-affordable apartment complex was completed and opened in May 2022.
