August 16, 2022

Major Affordable Housing Development Breaks Ground

Major Affordable Housing Development Breaks Ground

Henry Bros. Co. broke ground this summer on The Union Apartments, a nearly $36 million affordable housing development, at 231 Wheeling Road in Wheeling, Illinois.

The four-story, 70,228 square foot building will feature 53 units ranging from 700 to 1,200 square feet, and offer 14 one-bedroom, 12 two-bedroom, and 27 three-bedroom options. In addition to the residential units, there will be 3,000 square feet of community space that will include a Wi-Fi café and retail options. There will be parking for 120 vehicles.

Targeted as affordable workforce housing, the location of The Union Apartments will provide easy access to shopping, entertainment, and recreational opportunities. It is also close to the Metra train station with commuter passenger service to downtown Chicago, and its north-central line from River Grove to Antioch.

The project sponsor is Wisconsin-based  General Capital Group, a leading real estate firm whose core business is the development, acquisitions, and management of quality office, industrial, retail and resident properties, with an emphasis on build-to-suits. The architect is Michigan-based Hooker-DeJong, Inc., a leading national architectural, engineering, and planning firm founded in 1936.

The project is being financed with a combination of tax credits, debt, and equity from various sources including the Illinois Housing Development Authority (IHDA), Merchants Capital Investments, Merchants Bank of Indiana, the Wisconsin Preservation Fund, and General Capital.  Henry Bros. Co. has extensive experience working with a wide range of affordable housing clients.

Completion of the Union Apartments is targeted for September 2023.