Construction of CIBC-financed senior living facility, Broadview Senior Apartments, complete

Rhea-AI Summary

CIBC has completed the Broadview Senior Apartments, a new affordable housing project in Chicago for low-income individuals aged 55 and older. The project includes 70 units, with 11 designated for tenants with special needs. CIBC provided a $5.3 million construction loan to Walsh Construction and made a $6.9 million equity investment. The facility features two elevators, a community garden, and on-site services offered by the Housing Opportunities Development Corporation. These efforts reflect CIBC's commitment to supporting community development and ensuring housing stability for seniors.

Positive

• Completion of Broadview Senior Apartments provides 70 units of affordable housing for seniors.
• CIBC's total investment in the project includes a $5.3 million construction loan and a $6.9 million equity investment.
• 11 units are reserved for tenants with special needs, enhancing accessibility.

Negative

• None.

CHICAGO, Feb. 14, 2022 /PRNewswire/ - CIBC today announced the completion of a new affordable housing project, Broadview Senior Apartments, for low-income individuals 55 and older.

"We support affordable housing initiatives because we know how important the security of a home is," said Cheryl Wilson, managing director and head of US Community Development Lending at CIBC. "We also know seniors can be at risk for housing instability and homelessness. We are pleased to be part of this project."

CIBC Bank USA provided a $5.3 million dollar construction loan to Walsh Construction to build Broadview Senior Apartments. The new living facility—a three-story, wood-framed project including two elevators, a patio, community garden and green space—was designed to serve low income senior tenants. The property is located in a primarily residential area 12 miles west of downtown Chicago.

The bank also made a $6.9 million dollar equity investment, used to create 70 units of affordable senior housing, with 11 of those units set aside for eligible tenants with special needs. In addition, CIBC Bank USA is also working with the Housing Opportunities Development Corporation, Inc. ("HODC"), which serves as Broadview Senior Apartments' non-profit partner. The HODC provides services to the residents of the facility, coordinates on-site activities and workshops (such as health and wellness courses), and provides on-site staff for a minimum of 20 hours per week.

"We give back to our communities through investments, education and volunteerism," said Tony Hernandez, head of US Community Investment at CIBC. "Ensuring the availability of quality, affordable housing in our communities is one of our community development priorities."

About CIBC
CIBC is a leading North American financial institution with 11 million personal banking, business, public sector and institutional clients. CIBC offers a full range of advice, solutions and services in the United States, across Canada and around the world. In the US, CIBC Bank USA provides commercial banking, private and personal banking and small business banking solutions and CIBC Private Wealth offers investment management, wealth strategies and legacy planning. Visit us at cibc.com/US.

All loans subject to credit approval. The CIBC logo is a registered trademark of CIBC, used under license. Member FDIC and Equal Housing Lender. 

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SOURCE CIBC

FAQ

What is the Broadview Senior Apartments project?

The Broadview Senior Apartments is an affordable housing initiative by CIBC for low-income individuals aged 55 and older, providing 70 housing units.

What investment did CIBC make in the Broadview Senior Apartments?

CIBC provided a $5.3 million construction loan and made a $6.9 million equity investment in the project.

Where is the Broadview Senior Apartments located?

The Broadview Senior Apartments is located 12 miles west of downtown Chicago.

What services will residents receive at Broadview Senior Apartments?

Residents will have access to on-site services and workshops coordinated by the Housing Opportunities Development Corporation.

How many units in Broadview Senior Apartments are set aside for special needs tenants?

11 out of the 70 units are reserved for eligible tenants with special needs.