Ravenswood Senior Living
Housing Development Type: Adaptive Reuse for Senior Living
Number of Housing Units: 119
NDC Equity Investment: $16.6 Million
Total Development Cost: $81.6 Million
Partners: Evergreen Real Estate Group
The Ravenswood Senior Living development consisted of the adaptive reuse and substantial rehabilitation of the former 10-story Ravenswood Hospital. The property was also expanded thru the new construction of a 4-story wing attached to the existing building. Located on a 1-acre site north of downtown Chicago near Wrigley Field, Ravenswood Senior includes two separate senior facilities consisting of a 74 unit independent living component and a 119 unit supportive/assisted living component. The entire property includes studio and one-bedroom units serving seniors at 50% – 60% of AMI. Additionally, the project benefits from Project Based Vouchers on the 74 independent units provided by the Chicago Housing Authority. Ravenswood utilized the 4% LIHTC program, and project financing was made possible thru tax-exempt bonds issued by the Illinois Housing Development Authority (IHDA), subordinated debt from the Chicago Housing Authority, and an equity bridge loan from KeyBank.