CHICAGO — Walsh Construction has completed work on Broadview Senior Apartments, an affordable community for residents over age 55 in Chicago.
CIBC Bank USA provided a $5.3 million dollar construction loan and made a $6.9 million equity investment in the project, which rises three stories.
Of the 70 units, 11 are reserved for special-needs tenants.
“We support affordable housing initiatives because we know how important the security of a home is,” says Cheryl Wilson, managing director and head of US Community Development Lending at CIBC. “We also know seniors can be at risk for housing instability and homelessness.”
CIBC Bank USA is working with the Housing Opportunities Development Corp. (HODC), which serves as Broadview Senior Apartments’ nonprofit partner. The HODC provides services to the residents of the facility, coordinates on-site activities and workshops (such as health and wellness courses), and provides on-site staff for a minimum of 20 hours per week.
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