Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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QUICK STATS
$2,213/$2.12
Market Rent
68,179
RENTABLE AREA
2023
YOC
85
UNITS
Investment highlights
Terrific rental upside as the affordable units are operating at a 25% loss to lease to the max net allowable rents along with 20% of the units are unrestricted
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The Chicago, Illinois MSA HUD Median Family Income is projected to increase 3.75% in 2025, which would directly correspond to that same increase in the rent and income at the property
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The property is located in Crete, Illinois, just 30 miles south of Chicago and in a high-income pocket with the Median Household Income exceeding $85,000 within a mile of the property
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The LIHTC Restrictions expire at the end of 2041 on Phase II, allowing for significant upside through a conversion to market following the termination of those restrictions
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96%
OCCUPIED
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GALLERY
GALLERY
2006 & 2010
Placed in Service
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3660-3700 Eagle Nest Dr. - Crete, IL 60417
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PROPERTY OVERVIEW
St. James Senior Estates I & II is an 85-unit mixed-income housing community for seniors ages 62 and older located in Crete, IL. The property is conveniently situated minutes from major retailers, including Albertsons, Walmart, and Target. Numerous restaurants, parks, healthcare, and major transportation arteries are nearby as well.
St. James Estates I & II was built and placed in service in 2006 and 2010 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require at least 80% of units to be rented to income qualifying residents earning no more than 30%, 40%, 50%, and 60% of the Area Median Income (AMI) limits, which are provided by the Illinois Housing Development Authority. The remaining units are unrestricted.
St. James Senior Estates offers one and two bedroom apartment homes featuring air conditioning, a fully equipped kitchen, private balcony or patio, washer/dryer hookup, and security system. The community is gated with controlled access, and residents enjoy amenities that include a clubhouse with business center, fitness center, spa, movie theater, on-site property management, and planned social activities.
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
125 S. Wacker Dr. Suite 400 Chicago, IL 60606
Chicago Office
800 W. Main St.
Suite 1410
Boise, ID 83702
BOISE OFFICE
Director Affordable Housing
425.761.1640 mike.terry@berkadia.com
MT License #89005
Mike Terry
Director Multifamily 303.689.8320 nate.moyer@berkadia.com
CO License #FA.100077890
nate moyer
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
ID License: #DB36794
Jeff Irish
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
Associate Director 817.821.9559 jack.leonhard@berkadia.com
Jack Leonhard
The Opportunity
The Asset
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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Senior LIHTC Property built in 2011 containing 90 units located in the 8-story building along with 10 three-bedroom townhome units
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Well located asset just under 7 miles from downtown Miami, as well as the Miami International Airport
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
Senior Managing Director Affordable Housing
312.407.6711 pete.evans@berkadia.com
IL License #471014084
Pete Evans
Senior Financial Analyst Affordable Housing
858.257.4710 scott.timpani@berkadia.com
CA License #02092504
scott timpani
Senior Financial Analyst Affordable Housing
858.257.4710 scott.timpani@berkadia.com
CA License #02092504
scott timpani