G
roundbreaking has taken place on the final phase of Parkside at Old Town, a mixed-use development replacing the former Cabrini-Green public housing site. The fifth and last phase, dubbed Parkside 5, will feature 99 apartments when completed, including market-rate and affordable units. Thirty-seven of these apartments will be reserved for households earning up to 60% of the area median income through a Section 8 Housing Assistance Payment over 20 years.

    The development will consist of three-story walk-up buildings and an eight-story mid-rise with townhomes at its base. Residents can enjoy amenities such as a community room, fitness center, and social services on site. A playground and dog park will be open to the public.

    Walker & Dunlop secured $22.6 million in equity financing through tax credits for Holsten Real Estate Development Corp., which also obtained a construction loan from JP Morgan. This partnership provided $22.6 million in equity support for the project.

    "We're proud to contribute to the Near North Side's revitalization by offering affordable housing options and supporting the transformation of the former Cabrini-Green site," said Jennifer Erixon, senior managing director at Walker & Dunlop. "Our collaboration with Holsten has allowed us to meet our shared goals."