Las Vegas
Published on September 24, 2018
The Michaels Organization is honored with two Multi Family Executive Awards in Mixed-Use and Affordable Senior Living at the Annual MFE Award Ceremony
Sept. 21, Las Vegas— At the Multi Family Executive Award Ceremony, held in Las Vegas from September 17th-September 18th, The Michaels Organization was honored with two 2018 MFE Awards; in the Mixed-Income category, Chicago-high rise, Clybourn 1200, was announced the Grand Winner, and Catherine Todd, an affordable senior housing property in Jersey City, was a Merit Winner in the Senior Affordable Category.
MFE Awards annually recognize outstanding achievements in the multifamily development industry across numerous categories.
Clybourn 1200, one of The Michaels Organization’s most recent mixed-use, mixed-income communities, was a Grand Winner in the Mixed-Income category. Clybourn 1200 was recognized for its strong social services program, the wide range of socio-economic backgrounds it caters to, and the community’s economic integration through partnerships with local organization such as the Near North Unity Program and the Chicago Honey Cooperative, which, through Clybourn’s community garden and rooftop apiary, holds unique education programs on healthy, sustainable living, gardening, and beekeeping.
Clybourn 1200 has been lauded for its innovative ‘book-shaped design’ on a plot that, between angled streets, proved a development challenge. On the ground floor, the building hosts four commercial businesses: a day-care center, a bank, an Italian motorcycle apparel store, and a mattress store. High demand for residency in Clybourn 1200 allowed the developer to increase the rental rate of market-rate units and resulted in 100% lease-up 3 months ahead of schedule. These successes made the community a standout candidate and ultimate winner for the MFE Grand Prize.
As of September 2018, Clybourn 1200 has also been recognized for its excellence as a finalist for the Affordable Housing & Finance Reader’s Choice Awards.
“Clybourn 1200 represents a perfect example of effective community engagement and collaboration,” said Richard Sciortino, a founding principal at development partner Brinshore Development, LLC. “Our partnership with the Cabrini Local Advisory Council as well as program initiatives with City Near North Unity Program, Chicago Bee Co-Op and others resulted in a rich and diverse development.”
Financing for the project included $13.1 million in private equity generated from the sale of 9% federal Low-Income Housing Tax Credits and $1.9 million in private equity raised from sale of Chicago Donation Tax Credits, generated from the City of Chicago’s donation of the land. Public financing includes an $8.1 million CHA loan, along with $8.1 million in Tax Increment Financing assistance. Additional private financing includes a $7.8 million Citibank loan.
The Michaels Organization also received the Merit Award for the Catherine Todd Senior Living Center in the Senior Affordable category, recognizing its innovation in design/construction as the first ever gut-rehabilitation of a public housing tower in addition to the extensive range of social services it offers to its residents to improve quality of life. The Catherine Todd Senior Living Center has seen enormous success through high-occupancy and community support since it’s opening in 2017 and positions itself as a catalyst for change in the Montgomery-McGinley corridor. It has received much acclaim for its achievements and continues to partner with local groups and stakeholders in an effort to completely revitalize the surrounding neighborhood.
Financing for Catherine Todd’s transformation included $12.7 million in private equity raised through the sale of federal Low-Income Housing Tax Credits, allocated by the New Jersey Housing Mortgage Finance Agency. NJHMFA also provided $9.4 million in construction and permanent financing through its Multifamily Conduit Bond Program. In addition, the project benefitted from $5.7 million in federal Community Development Block Grant (CDBG) Disaster Recovery funds through the HMFA’s Fund for Restoration of Multifamily Housing. The Jersey City Housing Authority contributed $576,350. Bank of America invested in the tax credits, which were syndicated by Riverside Capital. Citibank purchased the short term and long-term bonds and is acting as the permanent lender. Prestige Building Company served as the General Contractor. WRT was the architect.
About The Michaels Organization:
Headquartered in Marlton, N.J., The Michaels Organization is a family of companies dedicated to excellence in affordable, mixed-income, and military housing. Since its founding by housing pioneer Michael J. Levitt in 1973, the Michaels Organization has developed, financed, or acquired more than 40,000 apartments, and currently manages 33,000 units in 27 states, the District of Columbia, and the U.S. Virgin Islands. Its companies include the Michaels Development Company, Interstate Realty Management, and Michaels Military Housing.
