Empowering Community-Driven Rehabilitation with Bethel Terrace

Evergreen was engaged by Englewood Cooperative Apartments (ECA), the longtime owner of Bethel Terrace, to serve as the turnkey developer of the 11-story, 123-unit affordable senior apartment building located in the Englewood neighborhood of Chicago, IL.  After working with Evergreen on the development of a new 60-unit building attached to Bethel Terrace, ECA came to Evergreen with a “wish list” of items the board and residents wanted to address in the rehabilitation of the nearly 40-year-old building.  Evergreen was able to not only lead the process of developing the scope and budget and securing financing for the extensive renovation, but also assist ECA in leveraging its own equity in the building, allowing for the expansion of tenant services, capital for future repairs, and improvement of the overall financial viability of the organization.  Under the LIHTC structure, ECA maintained long-term ownership and primary decision-making authority, while also completing a rehabilitation that satisfied a passionate resident community.