September 2014 cic DEVELOPMENTS. Recipient of the 2012 MacArthur Award for Creative and Effective Institutions. Waukegan
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1 September 2014 cic Community Investment Corporation Chicagoland s Leading Multifamily Rehab Lender DEVELOPMENTS Recipient of the 2012 MacArthur Award for Creative and Effective Institutions 5643 W. Dakin 1228 W. Diversey cic Loans preserve housing throughout the Chicago area CIC has a variety of loan products which help multifamily investors to achieve their goals in an assortment of different neighborhoods, suburbs and loan sizes. If you are considering financing, refinancing and/or rehabbing a multifamily building anywhere in the six-county Chicago area, contact a CIC loan officer to learn what we can do for you. The following recent deals offer some examples of the different ways CIC multifamily lending has made, and can make, a difference: Lakeview, Portage Park and Ukrainian Village CIC recently provided financing for three multifamily buildings on the North and Northwest Sides. The buildings have been owned and managed by the same family for over 40 years. Two of the properties have been transferred to what is now the third generation of family ownership. All three are brick walkup apartment buildings, and all have six units. One is a two-story at 5643 West Dakin in the Portage Park neighborhood. The other two have three stories and are located at 1228 West Diversey in Lakeview and at 1101 North Leavitt in Ukrainian Village. The three loans, totaling $977,000, took advantage of the new CIC 10-year term/25-year amortization/3-year adjustable rate mortgage at 4.5%. Waukegan An experienced owner in Waukegan, looking to grow his portfolio, identified four troubled buildings at Drew Lane and Monroe Street with 41 units, all with two bedroom units. Built in 1964, the properties were saddled with a 68% vacancy rate and had been through receivership at least twice due to poor management and deferred maintenance. Boilers and hot water heaters needed servicing, kitchens needed updating, and all units needed a thorough cleaning. The parking lot required resurfacing as well W. Leavitt Continues on next page South Riverside Plaza, Suite 2200 Chicago, IL
2 Waukegan (cont.) This owner, with a long track record of successful ownership and management in Waukegan and other venues, took up the challenge. A $1,370,000 loan from CIC enabled him to make the necessary improvements and get the buildings into good condition. But he wasn t finished. He obtained another loan for $340,000 from CIC to acquire the building across the street which had similar issues. At the time of purchase, 10 of the 12 units were vacant. That building has been brought up to standard as well. Both buildings are now fully occupied. 124 Drew Lane (Waukegan) RECENT DEALS OFFER EXAMPLES OF WAYS CIC MULTIFAMILY LENDING HAS MADE, AND CAN MAKE, A DIFFERENCE S. Michigan (Chicago) Chatham The 42-unit corner apartment building at 8201 South Michigan in Chicago was purchased for $1,750,000 in May of At the time of purchase, it was in excellent condition and required only minor rehab. Prior to its sale, this apartment building was owned by one family for over 20 years and had been well maintained by the owner and his son. The property a mix of studio, one-bedroom and two-bedroom apartments was nearly fully occupied with only three of the units vacant at closing. The surrounding West Chatham area is a low density community with well-maintained, owner-occupied homes and other small residential buildings. The new owner, a CIC client since 1986, received a loan of $1,350,000. He has acquired and managed thousands of units throughout Chicago and its suburbs, including Evanston, Oak Park and Waukegan. With a reputation for producing a quality product, the owner participates in both rehab and new construction efforts. He has invested in other South Side communities, including several large properties in the South Shore area. 2 CIC DEVELOPMENTS
3 Case study: TBI success story You guys did a great job. Patrick, you worked your tail off. Greg, you helped manage this property back into shape. Angie, thanks for saying go for it back in the spring of 2012 when I suggested a general receivership to save this property. Those are the words of Senior Assistant Corporation Counsel Steven McKenzie of the City of Chicago Department of Law. The City and CIC s Community Initiatives, Inc. (CII) announced in July the completion of a case that helped preserve and restore a dangerous and neglected 23-unit residential property in the Austin community under the City s Troubled Buildings Initiative (TBI) program. The three individuals McKenzie referred to are CII Program Officer Patrick Shaughnessy; longtime CIC borrower Greg Sorg; and CII Vice President Angela Maurello. The apartment building at North Laramie /5149 West End was a danger to the tenants with improperly installed furnaces, broken stacks emitting sewage in the basement, and open wiring in the units. It was dangerous as well for the general public with a loose parapet wall and flaking and chipped brickwork, known as spalling. The building was brought into housing court in At the time, the owner was being foreclosed upon and wasn t making any repairs. The bank appointed a receiver in the foreclosure action but, unfortunately, did not fund the receiver to correct code violations nor even to pay all of the utility bills. More neglect of the property resulted. Not surprisingly, the tenants grew frustrated with the situation and in the spring of 2012 organized various protests at the property. The Chicago Department of Buildings conducted an extensive inspection and found dangerous conditions. The tenant action brought the case to a head in housing court and led the judge to appoint CII as general receiver of the property. The court authorized CII to repair the dangerous code violations and to remedy other problems, such as exterminating bugs and vermin, and restoring and maintaining the utilities. CII then proceeded to foreclose on its lien. This spring, CII finished its repairs to the property, and also completed the foreclosure and gained ownership of the building. Now that the property has been repaired, apartments have been rented out to responsible families who want decent housing, and CII is in contract negotiations with an individual who owns and manages other multifamily buildings in the Austin area, including one on the same block. The next owner of the building will not be an absentee owner but rather one who has existing ties and a commitment to the area. As CIC President Jack Markowski noted, Great work and congratulations to all! It s a great example of how TBI preserves affordable rental housing, stabilizes communities, and provides for the people who live there North Laramie / 5149 West End Manager Greg Sorg has three happy tenants in (from left) Susie Hutto, Millie Boone and Margaret Dabbs. CIC DEVELOPMENTS 3
4 cic profile: PATRICK SHAUGHNESSY Transforming distressed property into functioning housing How did you get into this business? After many years as a union carpenter, the housing crash left many unemployed. I knew the new-construction market I had become accustomed to would never fully recuperate, and decided it was time for a career change. I was born and raised in Chicago, so when I learned that this position was available, I jumped at the opportunity to work in Chicago neighborhoods My previous years of construction development experience provided me with a great foundation for the position I have come to love at CIC. What s a typical work day like for you? I am a CII program officer for the West Side in the Troubled Buildings Initiative (TBI) funded by the City of Chicago. Much of a typical work week for me consists of a few days attending court for buildings that are under receivership, and looking for potential new troubled buildings which need our services. I also spend time at all the properties I have been assigned, including vacant buildings that I have been ordered to keep secure; occupied buildings that are under general receivership; and other buildings which may be potential new receiverships that need evaluation. Finally, I spend my time in the office tackling paperwork: accountings, feasibility studies, bid packets from contractors, and accounts payable. I also oversee the performance of property managers of the buildings. What s your favorite part of working at cic? I love the diversity, such as attending court and going on property inspections. It s always interesting, that s for sure! I appreciate all the professionals I ve come to know and work with in this field, including city inspectors, attorneys, property managers, and more. Most of all I enjoy seeing the transformation of a distressed property. Taking a rundown, vacant property and turning it into a functioning dwelling is very satisfying. It benefits not only the owner, but the tenants and community as a whole. Patrick Shaughnessy CII Program Officer I appreciate all the professionals I ve come to know and work with in this field city inspectors, attorneys, property managers, and more. What is something interesting about you that most people don t know? My family means the world to me. By family, I don t mean shared blood lines either. Over 18 years ago, my wife and I took guardianship of, and raised, two kids. They are now grown with families of their own. Their kids call me papa! CIC DEVELOPMENTS 4
5 TIPS FROM TAFT Taft West Director of Property Management Training New property take-over procedures Congratulations! You have successfully purchased your first multifamily building, and no doubt you are excited to meet all the tenants and get started. A long-term, harmonious landlord/tenant relationship is a major factor in the success of a building. The first encounter with tenants should be carefully planned. If poorly handled, it could result in a combative and potentially disruptive relationship with your new partners the tenants. The seller, maintenance staff, and other tenants are good sources of information about issues such as the existence of unregistered tenants; units with many visitors at all hours of the day and night; or tenants whose music or noise regularly disturbs other residents. Be sure to send a letter to all tenants advising them of the change in ownership, and learn the status of security deposits, prepaid rents and interest due on those security deposits. The details of what you need to do will vary depending upon the size of your building, but the theme is the same: Leave nothing to chance, create and follow sound management policies, and treat your tenants as you would like to be treated. Although by no means complete, here are a few checklists which may be helpful upon assuming control of a building: Verify Occupancy Are fully executed current leases in place? Are there month-to-month tenants? Are there expiring leases not being renewed by tenant or owner? Is there a lease file with maintenance history? Do you have a list of all tenants with home/work phone numbers? Are all rents current? How/where are rents paid? Are any legal actions pending against tenants? Are any units vacant/abandoned/skipped? Are there elderly or disabled tenants? Are there pets/service animals? Service Contracts in Place Scavenger Plumbing Ongoing Services Painting Union Agreements Have electric, gas and water companies been notified of changes and made final readings? Has the scavenger company been notified and made final readings? Have ongoing janitorial/maintenance/landscape services been arranged? If tenant pays heat/electric, is the bill in the name of the tenant? Building Code Issues Are there existing Notices of Violations? Are smoke/co2 detectors in each unit, properly installed? Are smoke detectors in the hallways? Are fire extinguishers tagged with current inspection dates? Are proper working locks on all windows and doors? Are windows and screens in good repair? Is the building registered with the city? Is the management sign in compliance with city ordinance? Emergency Procedures Is an Emergency Procedures manual available for tenants? Have you conducted a walk-through with the fire department and planned a fire drill? Have you contracted with an answering service for after-hours emergency calls? Have emergency point persons been identified and given emergency procedures plans? Have tenants been informed of any changes that they may be required to make? Has a severe weather/heavy snowfall plan been implemented and tested? That s it for now. Good luck with your new acquisition! Taft CIC DEVELOPMENTS 5
6 cic Corporation 222 South Riverside Plaza, Suite 2200 Chicago, IL Community Investment Non-Profit Org. U.S. Postage PAID Chicago, IL Permit No What s Inside September 2014 cic lends throughout the Chicago area page 1 Success story at N. Laramie/ 5149 West End page 3 cic profile of Patrick Shaughnessy page 4 Taft s tips on property take-over procedures page 5 PROPERTY MANAGEMENT TRAINING Over 13,000 landlords and property managers have attended CIC Property Management Training since There is a reason. Check it out! The fee for each course is payable in advance, and preregistration is required. Visit the CIC website to confirm the schedule of training sessions. Upcoming Sessions WEST SUBURBAN Saturday, 9am-5pm OCTOBER 25 Forest Park Village Hall (517 DesPlaines, Forest Park) SOUTH SIDE Wednesday, 9am-5pm OCTOBER 29 CHA Financial Investment Center (4859 South Wabash, Chicago) WEST SIDE Monday-Thursday, 6-9pm NOVEMBER 3-6 Garfield Park Conservatory (300 North Central Park, Chicago) FOR INFORMATION OR TO REGISTER: cic energy savers program FREE energy audit Low-cost energy loans at 3%* Save more than 30% on energy costs Call a cic Loan Officer for details. *subject to change
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