Brinshore Development's Portfolio Up for Sale, Including CHA Units in Chicago
Chicago-based affordable housing provider Brinshore Development has listed a significant portion of its Chicago portfolio for sale, including over 200 units with the Chicago Housing Authority (CHA). The move comes after the developer, one of the city's top affordable housing developers, decided to exit the market.
The bulk of Brinshore's Chicago portfolio consists of 20 properties spanning the city, with all but one being partnerships with the CHA. The properties listed for sale include several mixed-income developments, public housing units, and commercial spaces. The total value of the portfolio is not disclosed, although sources estimate it to be in the hundreds of millions.
Brinshore has been a significant partner of the CHA and the city, playing a key role in the development of affordable housing projects across Chicago. In 2000, the developer partnered with the CHA on its Plan for Transformation, a pledge to tear down and rebuild tens of thousands of public housing units at mixed-income projects.
The company was founded in 1994 by Richard Sciortino and David Brint. However, Brinshore has faced controversy in the past, including connections to former President Barack Obama's long-time ally Antoin "Tony" Rezko.
As part of its exit strategy, Brinshore is wrapping up its final phase of a 30-year development project at the CHA's Horner-Westhaven site. The developer will also be selling off several properties already completed, including those in the Legends South and Westhaven Park developments.
The sale of these properties marks an end to Brinshore's significant investment in Chicago's affordable housing market. The company has invested $4.8 billion in communities nationwide, with around 12,000 units spread across 16 states.
Industry insiders are closely watching the sale, which could have implications for the city's affordable housing landscape. "With this sale, we're seeing a major player exit the Chicago market," said Brandon Grisham, senior managing director at real estate firm Berkadia.
Chicago-based affordable housing provider Brinshore Development has listed a significant portion of its Chicago portfolio for sale, including over 200 units with the Chicago Housing Authority (CHA). The move comes after the developer, one of the city's top affordable housing developers, decided to exit the market.
The bulk of Brinshore's Chicago portfolio consists of 20 properties spanning the city, with all but one being partnerships with the CHA. The properties listed for sale include several mixed-income developments, public housing units, and commercial spaces. The total value of the portfolio is not disclosed, although sources estimate it to be in the hundreds of millions.
Brinshore has been a significant partner of the CHA and the city, playing a key role in the development of affordable housing projects across Chicago. In 2000, the developer partnered with the CHA on its Plan for Transformation, a pledge to tear down and rebuild tens of thousands of public housing units at mixed-income projects.
The company was founded in 1994 by Richard Sciortino and David Brint. However, Brinshore has faced controversy in the past, including connections to former President Barack Obama's long-time ally Antoin "Tony" Rezko.
As part of its exit strategy, Brinshore is wrapping up its final phase of a 30-year development project at the CHA's Horner-Westhaven site. The developer will also be selling off several properties already completed, including those in the Legends South and Westhaven Park developments.
The sale of these properties marks an end to Brinshore's significant investment in Chicago's affordable housing market. The company has invested $4.8 billion in communities nationwide, with around 12,000 units spread across 16 states.
Industry insiders are closely watching the sale, which could have implications for the city's affordable housing landscape. "With this sale, we're seeing a major player exit the Chicago market," said Brandon Grisham, senior managing director at real estate firm Berkadia.
it sounds like they're just makin money off the backs of people who need affordable housing. i mean, don't get me wrong, they've done some good stuff in the past, but now they're just cashin out? that's not right 
brinshore was one of the few players willing to take on the challenge of building affordable homes in a city with rising costs and gentrification ... but it makes sense that they'd wanna get out, especially after all the controversy they got wrapped up in 
what's next for chicago? will we see more developers stepping up to fill the gap or is this just another example of how hard it is to build affordable homes without a ton of support and funding 
including over 200 units with the CHA. thats a major blow to affordable housing in the city. i mean, i get it, companies gotta make moves and all, but this feels like a huge loss for the community. they've been investing so much in affordable housing projects across chicago and now its just gonna be sold off to who knows who 
. hope whoever buys it continues to prioritize affordability tho 
just saw that Brinshore Development is selling off their CHA units in Chicago and I'm low-key freaking out 
like what's gonna happen to all these affordable housing units? 
anyway, its gonna be interesting to see who buys up these properties and how they impact the city