Chicago, Illinois
CDT Correspondent
NEFMAC
Investment Description
Sponsored by The Neighborhood Rejuvenation Partners, LP, Pershing Court contains 80 affordable housing units in a high-rise apartment building on Chicago's South Side. Through its correspondent, NEFMAC, CDT provided a first mortgage for the development. Low Income Housing Tax Credit equity was syndicated through The National Equity Fund.
Transaction Highlights
Pershing Court is part of the overall redevelopment of the former Stateway Gardens public housing development, which is being partially funded with HOPE VI subsidies. All of Pershing Court's 80 units are affordable, with 27 set aside as replacement public housing units.
the community development trust
