The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $49.8 million adaptive reuse of a former office building into the 30 East Adams Apartments, a 176-unit, 12-story project located in Chicago, Illinois. The project’s scope will be substantial and include all major building systems including a complete gutting and renovation of the upper floors, installation of a new HVAC, plumbing, electrical and mechanical systems, and roof replacement. It is located blocks from the Art Institute of Chicago and Millenium Park with subway access across the street.
The HIT is purchasing $44.7 million of Ginnie Mae construction loan certificates and a permanent loan certificate from Walker & Dunlop, LLC. The loan will be collateralized with a mortgage loan insured under Section 221(d)(4) of the National Housing Act. Cedar Street Commercial, a fully integrated commercial real estate firm, will serve as the developer for this project.
Originally constructed as a furniture warehouse in 1926, the property of the 30 East Adams Apartments was more recently used as an office building. It is located in a National Register of Historic Places District and has a number of historically significant architectural features that will be preserved as part of the development. 30 East Adams will bring 176 units to the high demand downtown area. The project will include 23 studios, 65 convertibles, 77 one-bedrooms, and 11 two-bedroom units. The project is expected to attract young professionals working in the downtown market.
HIT’s investment in the project is expected to generate approximately 222 family-supporting union construction jobs.
*Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT project data. The data is current as of March 31, 2020. Economic impact data is in 2019 dollars and all other figures are nominal.
This page provides information about a project or projects financed by the HIT which may or may not be reflective of other financed projects or refer to an asset currently held in the HIT’s portfolio. Investors should consider the HIT’s investment objectives, risks, charges, and expenses carefully before investing. This and other information is contained in HIT’s prospectus, available at aflcio-hit.com or by calling 202-331-8055. The prospectus should be read carefully before investing.