Section 538 loans in Illinois
USDA's public file lists 13 Section 538 guaranteed loans in Illinois, $28,289,137 in all, financing 648 apartments. 12 of them also used housing tax credits. The median loan covered 19% of total development cost.
Lenders on these loans
- MERCHANTS CAPITAL CORP.4
- LUMENT REAL ESTATE CAPITAL, LLC3
- CHURCHILL MORTGAGE INVESTMENT LLC2
- BONNEVILLE MORTGAGE COMPANY, LLC1
- BELLWETHER ENTERPRISE REAL ESTATE1
- PEOPLES NATIONAL BANK, N.A.1
- KEYBANK NA1
Lender names as USDA records them. Open Country is not affiliated with any lender listed.
| Project | Closed | Loan | Loan to cost | Units | 1BR / 2BR / 3BR rent |
|---|---|---|---|---|---|
| Timber Trails Harrisburg · New Construction · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2026 | $450,000 | 3% | 50 | $485 / $761 / - |
| The Grove Apartments Rochelle · New Construction · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2025 | $486,000 | 4% | 30 | - / $450 / $500 |
| Lincoln Village Apartments Marion · New Construction · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2018 | $1,050,000 | 7% | 56 | $310 / $510 / $494 |
| Heritage Woods - Slf Freeport · New Construction · LIHTC · MERCHANTS CAPITAL CORP. | 2012 | $6,650,000 | 47% | 76 | $587 / - / - |
| Bella Vista Family Apartments Waterloo · Rehab/Repair · LIHTC · CHURCHILL MORTGAGE INVESTMENT LLC | 2011 | $653,137 | 20% | 44 | $408 / $446 / - |
| Bella Vista Senior Apartments Waterloo · Rehab/Repair · LIHTC · CHURCHILL MORTGAGE INVESTMENT LLC | 2011 | $275,000 | 10% | 32 | $406 / $444 / - |
| Whispering Hills Apartments Port Byron · Rehab/Repair · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2011 | $1,555,000 | 19% | 72 | $597 / $713 / - |
| Heritage Woods Of Charleston Charleston · New Construction · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2010 | $4,400,000 | 41% | 68 | $556 / - / - |
| Hancock County Slf Carthage · New Construction · LIHTC · MERCHANTS CAPITAL CORP. | 2010 | $2,700,000 | 64% | 22 | $601 / $718 / - |
| Prairie Living West Carbondale · New Construction · PEOPLES NATIONAL BANK, N.A. | 2009 | $6,210,000 | 90% | 50 | $1,050 / $1,200 / - |
| Canterbury House Apt. - Dixon Dixon · New Construction · LIHTC · MERCHANTS CAPITAL CORP. | 2007 | $925,000 | 15% | 50 | $361 / $462 / $523 |
| Brainard Landing Apartments Lincoln · New Construction · LIHTC · MERCHANTS CAPITAL CORP. | 2005 | $1,435,000 | 32% | 56 | $582 / $696 / $796 |
| Badger Ridge Homes East Dubuque · New Construction · LIHTC · KEYBANK NA | 2004 | $1,500,000 | 16% | 42 | - / - / $585 |