Revitalization
Raymond Hilliard Center Redevelopment
Developer:
Holsten Real Estate Development Corporation
Major Funding Partners:
Chicago Housing Authority
City of Chicago
Alliant Capital
Location:
Chicago’s Near South Side neighborhood – 22nd & Clark St.
Details:
654 mixed income units
Two 22-story buildings and two 16-story buildings
Project cost: $89 million
Finance Sources:
CHA Capital Funds
4% tax credits
Historic tax credits
Tax-exempt bonds
FHA/GNMA
State trust fund
City energy loan
FHLB CIP
![Raymond Hilliard Homes - Large Scale Revitalization](http://laubacherco.com/site/wp-content/uploads/2011/06/HilliardHomes2-CS1.jpg)
The Laubacher Company was the bond underwriter and developer’s structuring agent for the project. Laubacher created numerous alternative bond plans to meet the 50% test to qualify for 4% LIHTC. Laubacher worked closely with potential syndicators and developer’s counsel to obtain the best deal economics. We crafted a program of short-term LIHTC “bridge bonds” secured by PHA Capital Funds, a structure that has been a template used repeatedly for other revitalization sites.
The Laubacher Company saved the project $1.3 million in interest expense through its innovative bond finance structure.