Developers recently broke ground on the fifth and final phase of Parkside at Old Town, a mixed-use development slated for the former site of the Cabrini-Green public housing community. 

Parkside 5, as the phase is called, will bring 99 apartments to market when completed. The residences will be a mix of market-rate and affordable units, with 37 apartments reserved for households earning up to 50% to 60% of the area median income via a 20-year Section 8 Housing Assistance Payment.  

Parkside 5 will comprise a trio of three-story walk-up buildings and an eight-story mid-rise with townhomes at its base. Resident amenities will include a community room, fitness center and onsite social services for residents, while a playground and dog park will be open to the public.  

Walker & Dunlop syndicated $22.6 million in equity financing through Low Income Housing Tax Credits and Illinois Donation Tax Credits for the developer, Holsten Real Estate Development Corp. The syndication to JP Morgan, which also provided a construction loan, resulted in $22.6 million of equity to support the project.  

“We are proud to support the continued revitalization of the Near North Side, helping to bring much-needed affordable housing options to the community while contributing to the broader transformation of the former Cabrini-Green site,” said Jennifer Erixon, senior managing director of Affordable Equity Originations at Walker & Dunlop. “Our partners at Holsten have allowed us to provide a valuable solution that meets our shared goals.”