Property Investment Criteria
Chicago Community Capital Fund seeks to make equity and mezzanine investments in properties sponsored by experienced developers in the six-county Chicago region. We seek developers with viable, value-add business plans for well-located multi-family, mixed-use and commercial properties. The Fund has an interest in development opportunities that involve new construction or adaptive re-use of existing structures.
The Fund’s multi-family focus includes market-rate, mixed-income and government-assisted properties, preferably those with a minimum of 30 units. We will consider garden, mid-rise and high-rise properties.
The Fund will consider investments in non-performing first mortgage notes, failed condominium projects, foreclosure properties and other special situations.
The Fund’s target investment size is $500,000 to $5 million in projects with total costs ranging from $3 million to $30 million. However, the fund retains discretion to entertain worthy proposals outside those bounds.
For multi-family properties, the Fund will consider all locations in the Chicago area so long as the average rental cost or sales price of the residential units is affordable to households with incomes lest than or equal to 80% of the area median. For retail and commercial properties, the Fund will consider only those properties that are located in low- or moderate-income census tracts.
Properties that are projected to generate low-income housing tax credits, historic tax credits, or new market tax credits are beyond the scope of the Fund’s interest. However, the fund will consider properties that benefit from other types of government subsidies, including Section 8 and Tax Increment Financing. The Fund cannot accept entitlement risk.
Submissions may be directed to David Wishnick at dwishnick@ansoniacapital.com or (312) 492-8866x4.