Cinnamon Lake Towers is a multifamily residential Property located at 270 I Glen Flora in a mostly residential neighborhood in the municipality of Waukegan. The Property was initially constructed in 1980 and has a total of 274 units consisting of 24, studios; 150, one-bedroom units; and I00, two bedroom units, all situated in two, mid-rise apartment buildings. A separate building houses the management and maintenance offices, and a community room with a fully equipped kitchen. The Property is financed by bonds from the Upper Illinois River Valley Development Authority in the amount of $25,680,000.
The Property also has an allocation of Section 42 Tax Credits that will bring in a total equity contribution of approximately $12,640,821. With the proceeds from the financing and equity contribution, the Owner is investing approximately $45,250 per unit for renovations as part of
the acquisition and rehabilitation. The major objective of the rehab will be to improve the Property’s energy efficiency, marketability and, ultimately, make it less expensive for tenants and improve their living conditions.
This investment is intended to provide improvements for the following items: Replacement of heating and air conditioning systems, water heaters, replacement of worn and inefficient windows and doors, and as needed replacement of kitchen cabinets, countertops, bathroom plumbing, appliances and flooring materials. Common area upgrades will include complete roof replacement, repair of concrete on balconies/patios, replacement of balcony railings, installation of LED lighting in the common areas, and resurfacing the parking lots. Most of the major work will be directed toward installing systems that are energy efficient, which will ensure that the tenant’s out-of-pocket utility costs are reduced.
Project added to the Zone in 2019.