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Perlmark Housing Group Secures and Closes $20MM Financing for the Kenzie Senior Residences at Randhurst

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Perlmark Housing Group Secures and Closes $20MM Financing for the Kenzie Senior Residences at Randhurst Media Contact: James Perlman President & CEO 601 Skokie Blvd, Ste 501 Northbrook, IL 60062 [email protected] (847)562-9235 For Immediate Release 9/23/2020 New Affordable Senior Housing for Mount Prospect: Perlmark Housing Group secures and closes $20MM financing for The Kenzie Senior Residences at Randhurst Mount Prospect, IL – After nearly 3 years of planning, zoning and development financing hurdles Kenzie Senior Residences, developed by the Perlmark Housing Group closed on its construction financing earlier and last month the site was work underway. A groundbreaking ceremony is scheduled on Friday and will provide an opportunity for community officials and lending partners to join in celebrating this long- awaited addition for area seniors 55 and older. The 68,700/SF three-story elevator building, specifically designed with seniors in mind, is located on East Kensington Road across from the Randhurst Village Shopping Center. The 74 unit property will offer independent living to seniors through (60) one-bedroom, one-bathroom apartments, (14) two-bedroom, one-bathroom apartments; and versatile community rooms, lounges with an array of coordinated support services. The 74 units range from 617-square foot units to 900-square foot units ranging from $400 per month to $1083 per month. “There is a growing need for affordable senior housing throughout the Illinois, and these new apartments will go a long way to address some of the unmet demand in the Northwest suburbs,” Illinois Housing Development Authority Executive Director Kristin Faust said. “Kenzie Senior Residences is another great example of what is possible when the state’s public and private partners work together to promote a range of affordable housing choices in the community, and IHDA is proud to be a partner in this effort to bring this much-needed housing to Mount Prospect.” The project developer James Perlman, secured financing in part by the Illinois Housing Development Authority’s affordable housing tax credit program, and HOME Investment Partnership Program funding through the Cook County Government. Bank of America and Redstone Capital have provided construction financing, tax credit and permanent financing. In addition, the Housing Authority of Cook County has committed limited rental assistance to assist extremely low income, disabled, and/or veteran seniors. We also want to thank the Village of Mt Prospect for their vision and support needed for the financing, zoning, and coordination of senior services for our future residents. "Affordable housing has been a priority of mine since I first took office as an Alderman with the City of Chicago, and has been a primary focus of my administration at the County level" stated Cook County President Toni Preckwinkle. "But there’s more work to be done, especially as we continue to recover from the COVID-19 601 Skokie Blvd, Suite 501, Northbrook, IL 60062 | Tel 847-562-9235 | Fax 847-562-9247 Media Contact: James Perlman President & CEO 601 Skokie Blvd, Ste 501 Northbrook, IL 60062 [email protected] (847)562-9235 pandemic and economic crisis. This new development is a signal of hope during these unsettling times and will provide our seniors with a decent, safe and affordable place to live in suburban Cook County for years to come.” Mount Prospect Mayor Arlene Juracek noted that additional affordable senior housing has long been part of Mount Prospect’s strategic plan. “Perlmark and its investment and financing partners are to be congratulated for recognizing the need and the attractiveness of investing in the Mount Prospect community, especially at this location with prime access to Randhurst village and other nearby amenities. We look forward to its residents calling Mount Prospect home.” About Perlmark Housing Group: James Perlman, Founder, CEO & President of the Perlmark Housing Group said “We embarked upon a mission more than 30 years ago to provide market rate and affordable senior rental communities throughout the Chicagoland area”. Perlman is proud to serve the senior affordable housing market, and - according to AARP over 10,000 seniors a day turn 65. After decades of working and raising their families many of them have endured and been impacted by great recessions and broken retirement systems. The need for affordable housing is great for this demographic. From development and construction to management and compliance, The Perlmark Housing Group has honed the knowledge and expertise to provide such developments to our residents. Along with each scenic, and convenient location, our market rate and senior living properties are close to wonderful restaurants, fun shopping and public transportation. We also offer residents exciting monthly activities and an array of supportive services. Our company founder and president, James Perlman, and his affiliates currently own more than 1,000 units of apartment communities in the Chicago metropolitan area and manage more than 700 units. For more information on this affordable senior development, visit www.Kensingtonsenior.com or call 224.212.8186. Fair Housing Statement Fair Housing Statement: Perlmark Housing Group and its subsidiaries are pledged to the letter and spirit of U.S. Policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. 601 Skokie Blvd, Suite 501, Northbrook, IL 60062 | Tel 847-562-9235 | Fax 847-562-9247 .
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