Globetrotters provided professional services for the $38 million development of Covered Bridges Apartments, a 17-building, 362-unit, multi-family property in Carol Stream, IL. Globetrotters participated in the due diligence, financing, acquisition, conversion to low income housing tax credit (LIHTC) status, and renovation of the 25-acre site, and has provided property management and compliance services since 2006.
The mixed finance funding included tax exempt Multi-family Housing Revenue Bonds issued by the Illinois Finance Authority (IHDA), LIHTC, and a FNMA loan. Globetrotters prepared the application for LIHTC, and provided an acquisition and redevelopment plan that met all of IHDA’s requirements.
Covered Bridges is now a mixed income development in which 20% of the units are market units and 80% are LIHTC units. In addition, there are approximately 20 Housing Choice Voucher (HCV) tenants living in the property.
During the acquisition phase, Globetrotters assisted the owner by assessing the property and providing a condition report, including anticipated immediate, short-term, and long-term cost estimates.
Globetrotters subsequently provided master planning, design, and construction management for a major capital renovation that included: security and lighting improvements; landscape, site and drainage improvements; electrical and life safety system upgrades; and building interior remodeling to meet ADA and code requirements.
In 2007, Globetrotters provided emergency repairs and response after a microburst struck three (3) of the apartment buildings, and oversaw the rehabilitation of nearly 70 units that were affected by the storm damage.