JV ACQUIRES CHI. AFFORDABLE HOUSING, WILL RECEIVE $136M RENOVATION

CHICAGO — A joint venture between Wells Fargo & Co. and Related Cos. has acquired the 694-unit Parkway Gardens in Chicago, an affordable housing community that will subsequently undergo a $136 million renovation. Related Cos. is committing $40 million in physical, mechanical and structural upgrades, Wells Fargo is providing $36.5 million in equity and the Illinois Housing Development Authority is providing $59.5 million in bonds as well as credit enhancements from Fannie Mae. Related Cos.' Chicago office, Related Midwest, will oversee the renovations.