Cinnaire Invests with MR Properties on Chicago Senior Development

Montclare/JoAnn Thompson Senior Residences Component of Englewood Community Revitalization Plan

Cinnaire Lending recently provided a $720,000 pre-development loan to support the Montclare/JoAnn Thompson Senior Residences of Englewood project nearby the recently opened Whole Foods on Chicago’s south side. MR Properties is developing the property, which builds upon the successes of Teamwork Englewood and numerous community partners. This development represents MR Properties sixth Affordable housing development in Chicago, providing affordable housing to 803 seniors in the city.

The 102-unit senior residence is located on 1 ½ acres with additional space for a second phase. The community will be named after the late Alderman JoAnn Thompson. Thompson is recognized for introducing the idea for developing the widely publicized Whole Foods in Englewood. The Montclare/JoAnn Thompson Senior Residences will be adjacent to the new Kennedy King College Campus and will include the new construction of a 7-story building designed for independent seniors. The development will include a community room, library, a health screening room, exercise room, computer room, beauty salon and outdoor courtyard with a barbeque. MR Properties was awarded Low Income Housing Tax Credits (LIHTC) and other incentives from the City of Chicago to finance the property.

Teamwork Englewood was formed in 2003. Its first task was to organize a community planning process that was a requirement of Local Initiative Support Corporation (LISC)/Chicago’s New Communities Program. Teamwork Englewood’s goal is to continue its role in bringing together existing and new organizations to implement a quality-of-life plan. The group’s successful efforts have been responsible for significant community reinvestment to date. More recently, Eaglewood Square mall developed by DL3 Realty opened last fall. It is a 5-acre development that includes a Whole Foods, Chipotle, Starbucks and 22,000 square feet of retail space. The Whole Foods Market provides convenient access to fresh, healthy, natural and organic food for residents in the community. Whole Foods is also committed to providing jobs to the community by creating training and access to opportunities for the residents of Englewood. 

DL3 Realty has also recently announced plans to renovate the South Side Masonic Temple, nearby the Montclare/JoAnn Thompson property. The Masonic Temple is a long-time landmark in Englewood that was recently named one of Chicago’s most threatened landmarks. DL3 Realty intends to renovate the temple into affordable housing for artists. The new Whole Foods Market, renovation of the Masonic Temple and the development of the new senior residences demonstrate the commitment and confidence that investors and developers have in the community of Englewood.

“Cinnaire is excited to join MR Properties, Teamwork Englewood and DL3 Realty  in spurring economic development by investing in Englewood,” said Mark McDaniel, Cinnaire President & CEO. “Collectively our efforts will support affordable housing, create jobs and promote access to healthy foods, education and training opportunities. We look forward to realizing our shared vision of building healthy, vibrant communities.”

Cinnaire has invested in three major community revitalization projects on the South Side of Chicago, The Chicago Center for the Arts and Technology (CHICAT) and the Kroc Center of Chicago and the Montclare Senior Residences SLF of Lawndale.

MR Properties is currently developing two additional Affordable Housing communities in Chicago, Montclare Veteran’s Village of Roseland (75 units exclusively for homeless veterans) and Montclare Senior Residences of Calument Heights (a 102 unit senior project with 72 units of Affordable Housing and 30 units of Market Rate Housing).

The development team partners have significant knowledge and experience in the development of Affordable Senior Housing in the City of Chicago. The development team includes a joint venture of Brown & Momen and Ujamaa Construction, general contractor; Worn Jerabek Wiltse Architects, architect; Pacific Management company, property manager; and Applegate & Thorne-Thomsen, developers’ counsel.

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