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Loan Project Examples
 

EG Woode

LISC provided a $329,000 loan to E.G. Woode to renovate a vacant 5,400 square foot building on 63rd Street in Englewood, which upon completion will be the location of four small businesses: a barbershop, a clothes consignment shop, an architect and construction contracting firm, and a coffee shop. These businesses are expected to employ up to 10 individuals. A portion of the five year LISC loan will serve as a bridge for the committed City of Chicago Thrive grant.

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Amped Kitchens Chicago

LISC provided a $6 million, seven year loan and a $4.5 million allocation of New Markets Tax Credits for the $25 million renovation of a 113,000 square foot vacant factory building into a multi-tenant food production facility. Upon completion in early 2020, there will be 64 fully-equipped, licensed kitchen areas, ranging in size from 176 to 1,431 square feet, with shared refrigerated and dry storage, multiple loading docks, and conference rooms. The facility, located in Belmont Cragin, will provide a variety of spaces designed to help new or expanding small businesses in preparing food products for restaurants, groceries, or on-line sales, and is expected to provide employment for up to 260 full and part time workers. 

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Ogden Commons

LISC provided a $500,000 loan to Ogden Commons JV, LLC for the construction of a 53,000 square foot new office and retail property. Ogden Commons, Commercial Phase I, is the first of several commercial and residential phases planned for an 11-acre site along Ogden Avenue in North Lawndale, and is a partnership with The Habitat Company, Sinai Health Systems, and Cinespace Film Studios. The latter two partners will occupy the second and third floor offices, providing out-patient services and training facilities, respectively. The ground floor will include food-related retail of a Steak and Shake and Ja’Grill. Overall, the project is expected to provide nearly 90 new jobs. The LISC loan will cover early-on predevelopment expenses for the development, which is expected to cost about $21.6 million.

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Bickerdike Emmett Street Project

LISC provided a $875,000 predevelopment loan for support of the Emmett Street Apartments, the new construction of a 7-story mixed-use property which will include 100 affordable rental residential units. Sponsored by Bickerdike Redevelopment Corporation, the location is within a block of the Logan Square CTA stop. There will be ground floor community space and about 4,500 square feet for a commercial tenant.

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