title
Authorization for the Kenmore Apartments General Partner to accept the assignment of Limited Partner Interest from the Investor.
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Development
Address
Community Area
Target
Population
Kenmore Apartments
5040 North Kenmore Avenue
Chicago, IL 60640
Uptown
Senior
presenter
Presenter: Ann McKenzie, Chief Development Officer
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Recommendation
The Chief Executive Officer ("CEO") of the Chicago Housing Authority ("CHA") recommends that the CHA Board of Commissioners ("Board") authorize the CEO or her designee to: 1) accept the assignment of Limited Partnership Interest from the Investor Limited Partner, Redstone Equity Holding, LLC and Red Stone Equity Manager, LLC in Kenmore Senior Housing Limited Partnership; and 2) execute and deliver such other documents and perform such actions as may be necessary or appropriate to implement the foregoing.
Property Summary
Kenmore Apartments is located in the Uptown community area at 5040 North Kenmore Avenue. The development is an 8-story, elevator, senior building containing 100 one-bedroom units.
The property was originally constructed in 1931 and acquired by the CHA in 1961. It was subsequently closed in 2005. CHA rehabilitated the building in 2009, bringing newly renovated senior units back online in the Edgewater neighborhood.
Funding
N/A
Background and Approach
The rehabilitation of Kenmore Apartments was funded by tax-exempt bond/low-income housing tax credit financing. The capital came from marketing the tax-credit funds to outside investors and Red Stone Equity Holding, LLC was the Investor. Kenmore Senior Housing Limited Partnership is the single purpose entity established to rehabilitate and operate Kenmore Apartments and to admit Red Stone Equity LLC into the partnership as the limited partner and Red Stone Equity Manager, LLC as the Special Limited Partner (jointly the "Limited Partner"). CHA established Kenmore Housing Development LLC as the entity to serve as the general partner of the lim...
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