Chicago’s Pullman Wheelworks Wins Financing for Rehab

Mercy Housing Lakefront and National Housing Trust/Enterprise Preservation Corp. have obtained financing for the rehabilitation of the Pullman Wheelworks, a 210-unit affordable housing apartment building on Chicago’s south side. Pullman Wheelworks, built in 1903 as part of the factory town developed by railroad industrialist George Pullman, is listed on the National Register of Historic Places and is being redeveloped as part of an overall neighborhood revitalization plan over the next several years.  Red Mortgage Capital LLC processed and funded a $9.57 million FHA 221(d)(4) insured mortgage commitment through HUD Chicago, a cornerstone of the project’s financing. The project’s overall financing had multiple layers of capital and a tight timeframe in which to secure the FHA commitment. Ultimately, 11 sources of capital were used, including tax-exempt bonds issued under the U.S. Treasury’s New Issue Bond Program, historic tax credits, 4 percent low income housing tax credits and HOME loans.

Multi-Housing News

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