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WHP IIC

Applegate and Thorne-Thomsen recently represented the developer, a joint venture between Brinshore Development, L.L.C. and The Michaels Development Company I, L.P., in the latest phase of the Westhaven Park redevelopment, a redevelopment of the former Henry Horner public housing site in Chicago. In this phase, the developer will construct 4 new buildings containing a total of 92 units of mixed-income, multi-family housing, including 46 public housing units, another 32 affordable tax-credit units, and 14 market-rate units. Fronting on north Damen Avenue, one of the buildings will also contain store-front commercial space below its residential units.

Closing on December 23, 2008, the $28 million financing for this phase includes both a tax credit equity investment and construction loan from JPMorgan Chase, tax credits from the City of Chicago and the Illinois Housing Development Authority, and a construction/permanent loan from the Chicago Housing Authority. Additionally, for this phase, the Chicago Housing Authority ground leased the land, which included a portion of land recently acquired by CHA from the City.

This phase is the fifth phase of redevelopment at the former Henry Horner site and is part of the Chicago Housing Authority's Plan for Transformation to transform blighted public housing developments into revitalized, mixed-income communities.

Zoning Successes

In April, we were successful in obtaining the approval from the City Council of the City of Chicago of a planned development for our client, Clybourn Larrabee LLC, a joint venture of Related Midwest and the Chicago Metropolitan Housing Development Corporation. The planned development permits the construction of a new 80 unit condominium building. The development will incorporate significant green practices such as a rain garden, permeable walking surfaces and a partial green roof.

We recently represented IFF Housing, the development affiliate of Illinois Facility Fund, in obtaining a planned unit development from the City of Countryside, Illinois for a mixed-use project permitting the construction of a new 70 unit affordable senior residential building on the site of the existing Township of Lions office building. Illinois Facility Fund is the midwest's largest community development financial institution, offering loans to nonprofits to expand and maintain community facilities, affordable housing and othe physical infrastructure.