Wrigleyville North Apartments
Chicago, IL
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HIT Investment
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Total Development Cost
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Units of housing
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Hours of Union Construction Work Generated
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Tax revenue generated
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Total economic benefit
“We appreciate HIT’s commitment to and support of union construction at numerous projects that have put our members to work in the Chicago area for nearly 30 years and recognize the benefits this commitment has provided to the workers and the community.”
—Michael Macellaio, Secretary-Treasurer,
Chicago and Cook County Building Construction Trades Council
PROJECT DESCRIPTION
The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $40.9 million new construction of the Wrigleyville North Apartments, a seven-story, mixed-income/mixed-use development located in Chicago, Illinois.
HIT ROLE
The HIT will purchase $35 million in Ginnie Mae construction loan certificates and a permanent loan certificate from Gershman Investment Corporation (the issuer/servicer) to finance this development.
SOCIAL IMPACT
The project will create approximately 289,900 hours of union construction work and generate $77.2 million in total economic benefits. It will be green-certified, is expected to achieve Energy Star status and is well-served by public transportation.
*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 May 31, 2020. Economic impact data is in 2020 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.