Ravenswood Senior Living
Location: Chicago, Illinois
Closing Date: February 28, 2023
Project Description & Impact: Rehabilitation of the former Ravenswood Hospital on the north side of Chicago into Ravenswood Senior Living building, a 74-unit independent living facility and a 119-unit supportive living facility for low-income seniors.
Client: Evergreen Redevelopment
Financing Tools Used: RAD contract and loan from CHA, IHDA bonds, IHDA Risk Share loan, equity bridge loan, tax credit equity, and donation tax credits
Story Behind this Project:
Evergreen Redevelopment oversaw the conversion of the vacant former Ravenswood Hospital building into the Ravenswood Senior Living facilities. Ravenswood Senior Living is one of the first developments in the country to offer both independent and supportive living options for low-income seniors in a single location.
Located in Chicago’s vibrant Ravenswood neighborhood, the building includes 74 independent living apartments and 119 supportive living apartments. The Independent Living Program includes amenities such as a large community room, resident lounges on each floor, exercise facilities, an outdoor terrace, and accessible units. The Supportive Living Program is certified by the Illinois Department of Health & Family Services, and is designed to promote independence, dignity, respect, and well-being for residents in a cost-effective manner. Residents are given the peace of mind of living in their own apartments with support services, security, and other amenities all personalized to fit each resident’s needs.