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Evergreen Real Estate Group Tops Off Construction of Bellwood Senior Apartments in Suburban Chicago

May 28, 2023

BELLWOOD, ILL. — Evergreen Real Estate Group has topped off construction of Bellwood Senior Apartments in Bellwood, a western suburb of Chicago. The 80-unit affordable seniors housing property is slated for completion in August. The $30 million project replaces a former Walgreens property. Operated by Evergreen's in-house management team, Bellwood Senior Apartments will be reserved for residents age 62 or older with incomes at or below 60 percent of the area median income.

General contractor F.H. Paschen has completed the concrete block masonry and precast plank structure. The construction crew is currently installing mechanical, electrical, plumbing and fire protection, which will be followed by drywall work, windows and façade finishes. Weese Langley Weese Architects Ltd. is the project architect. Amenities will include laundry rooms on each level, three community rooms, storage rooms and a fitness center.

The Illinois Housing Development Authority served as the tax credit issuer and subordinate funds provider. The Village of Bellwood provided tax-increment financing incentives and a loan. Additionally, Bank of America is the investor and construction loan lender, Hudson Housing Capital syndicated the tax credits and Cook County provided HOME funds.