Investment Overview

THE PROJECT: The McGill Terrace (“McGill”) development entailed the 2020 substantial rehabilitation of a vintage courtyard building. The building is comprised of 48 studio, one-, two- and three-bedroom rental apartments located at 821 – 29 East 49th Street, Chicago, Illinois. The development is near the west boundary of Chicago’s Hyde Park neighborhood near the University of Chicago, Washington Park, the University of Chicago Hospitals, the proposed Obama Presidential Library, and other important community assets. McGill is convenient to major expressways (Dan Ryan, Lake Shore Drive), as well as mass transit systems. Tenant rents at McGill are subsidized by a project-based Sect 8 HAP (RADD 2 conversion) contract that extended McGill’s rent subsidies until 2038. The project serves the affordable housing needs of low-income large families, Seniors, and disabled persons. WORK SCOPE, GREEN INITIATIVES: The property has undergone substantial rehabilitation. Said renovations included: new roof(s) installations (100 percent), new roof rafter insulation, extensive exterior masonry repairs, lintel replacements, new insulated glass window replacements (100 percent), new plank flooring, new Energy Star appliances, public area upgrades and new landscaping. All kitchens and baths have new ceramic tile walls and VCT flooring. All individual (unit) gas furnaces (48) and domestic water heaters have been replaced. AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON REQUEST