Chicago to Sell $25 Million of Housing Revenue Bonds

By Josh Beckerman

The City of Chicago is selling $25 million of multifamily housing revenue bonds to finance a loan that will be used to build housing at the United Yards mixed-use development.

The bonds will have a maturity date of Aug. 1, 2027, with an initial mandatory tender date of Aug 1, 2026, according to an offering document posted Wednesday on MuniOS.

The interest rate hasn't been set. Bonds will be priced at par.

The borrower is the single-asset entity New City Redevelopment Limited Partnership. The developers are Celadon Partners and Blackwood Development Partners. Specific planned uses of the proceeds include buying city-owned vacant land and constructing a six-story building and two smaller buildings.

The bonds will be secured by eligible funds sufficient, without need for reinvestment, to pay all interest and principal. The bonds are federal tax exempt.

KeyBanc Capital Markets is the lead underwriter.

Moody's Ratings assigned a rating of Aaa/VMIG 1.

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

07-11-24 1534ET