When you think of Chicago, you may picture its unique tourist landmarks, legendary sports teams or iconic deep-dish pizza. The Windy City is known for many reasons: It’s the central hub for numerous booming industries and is now the third most populated city in the U.S.

With such growth, the demand for affordable housing in Chicago has skyrocketed — and families can struggle to keep up with monthly costs. In fact, recent data shows that 67% of low-income renters in Chicago spend more than 50% of their income on housing costs.

Alongside Optigo® lender CBRE, Freddie Mac provided $3.36 million in financing for a 5-year fixed-rate Small Balance Loan (SBL) Link Loan — to help transform two existing multifamily properties into high-quality, affordable rental housing.

Geneva Gables, one of the assets within the link loan, was once a vacant and distressed apartment complex on the south side of the city, in the historic neighborhood of Bronzeville. Since sponsor Sleeping Bear Capital acquired the asset in 2022, the building has undergone significant repairs and is now in excellent condition. 
Geneva Gables is a mid-rise building with four stories and 21 units, with one- and two-bedroom apartments that feature premium appliance packages. The improvements made to the property are significant, including renovations to countertops, flooring, appliances, kitchen cabinets, bathroom fixtures, masonry work, interior painting, electrical, roof repairs and more.

  • Geneva Gables Kitchen

    Kitchen after renovations at Geneva Gables.

  • Geneva Gables Apartment Entryway

    Apartment hallway after renovations at Geneva Gables.

  • Geneva Gables Window View

    Apartment window view at Geneva Gables.

  • Geneva Gables Bathroom

    Bathroom after renovations at Geneva Gables.

  • Geneva Gables Bedroom

    Bedroom after renovations at Geneva Gables.

  • Outside photo of Geneva Gables apartment building

    Exterior photo of Geneva Gables building.

“We have seen and continue to believe that when a beautiful old building is restored, refreshed and renovated, the community shares in its invigoration,” said Andrew Calcutt, president and co-founder of Sleeping Bear Capital.

All units within the property are affordable at 100% of area median income or below, and the building is fully stabilized. The building’s location provides easy access to nearby schools, shops and city transportation.

“With Geneva Gables, we were able to transform a building that was dilapidated into new, naturally occurring affordable housing for residents of Bronzeville,” said Calcutt. “The property is a long-term hold for us and the 5-year fixed Freddie Mac SBL loan we placed on the asset was a great option for us to execute on our business plan. We hope to do more projects like this in the neighborhood and surrounding communities.”

We’re proud to partner with Sleeping Bear Capital and CBRE to provide more affordable housing solutions for residents in Chicago — and to open doors for families across America.