June, 2015

Charity & Associates, P.C. served as developer’s counsel to Turnstone Development Corporation for the construction of a development located in Northlake, Illinois, which when completed will provide seventy-one (71) units of affordable housing to low and moderate-income seniors. 

As developer’s counsel, our firm’s responsibilities included negotiating the acquisition of the project site, vacating and rezoning an alley required for the project’s development, and negotiating the terms of the project’s financing including private low-income housing tax credit equity, private first mortgage construction/low-income housing tax credit bridge financing, Cook County HOME loan financing, and Illinois Housing Development Authority HOME loan financing. 

Our attorneys also negotiated the Project’s construction and architectural agreements, coordinated the delivery of diligence items including title and survey, and closed the project’s acquisition and financing.