Rosenwald Courts LLC obtains tax credits and funding for Rosenwald Courts Apartments
- Successful application for Low-Income Housing Tax Credits, Tax Increment Financing and other funding from the City of Chicago
- Developer received Outstanding For-Profit Neighborhood Real Estate Project Award from LISC
Developer Rosenwald Courts LLC tasked us with preparing a market study with the aim of securing financing for the historic Rosenwald Courts Apartments, located in the Bronzeville neighborhood on the south side of the Chicago.
Built in 1930 by philanthropist Julius Rosenwald as quality housing for African-American working families, this landmark building had fallen into disrepair and been vacant for over 15 years.
The developer needed to secure funds for this $132 million restoration, encompassing 239 family and senior apartments, a beautifully landscaped courtyard, and ground-floor retail space. VSKA prepared a market study that met the requirements of the City of Chicago for funding. We identified demand for and marketable rents for the apartments and retail/commercial space on the ground floor of the building facing 47th Street.
With the support of our comprehensive market study, the developer obtained Low-Income Housing Tax Credits in addition to Tax Increment Financing and other funding from the City of Chicago.
The building leased up quickly, and the developer received the Outstanding For-Profit Neighborhood Real Estate Project Award from LISC in the 2018 Chicago Neighborhood Development Awards.