Jonathan Rose Cos. acquired a troubled 272-unit affordable housing complex sandwiched between the University of Illinois at Chicago and the Pilsen neighborhood for $17.5 million.
Resident Jessie Johnson outside the Barbara Jean Wright Court Apartments, 1350 S. Morgan St., in Chicago, on Sept. 14, 2022. Johnson said she has lived there since 1973 and has been president of the resident management organization since the early 1990s.
Fusco could not be reached for comment, but the 73-year-old has previously said he wanted to retire, and that Rose was better able to refinance the property.Jonathan Rose Cos. pitched itself to residents and government officials as a national company with deep pockets, one able to preserve and maintain affordable housing communities for many years.
Fusco saved the development from foreclosure when he bought the 11.5-acre site in 1999, and residents had high hopes he would maintain its two- and four-story structures. His CCDC took over several South Side affordable housing developments around the same time, a portfolio which eventually included Archer Courts in Chinatown and Englewood Gardens, a scattered-site Section 8 portfolio in the Englewood neighborhood.
Rats eventually chewed holes in the walls of many apartments, black mold also spread, and attempts to address other problems such as broken sidewalks were often just patchwork, Johnson added. The company took a different route to finance its purchase of Barbara Jean Wright. It paid Fusco $1, took over his $17.5 million in remaining debt on the property, and will launch a $46 million renovation financed by a Federal Housing Administration loan, federal tax credit equity, tax increment financing funds from the city and state tax credits, among other sources.
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