Urban Innovations (UI) announces the acquisition and preservation of Park Regency Jewish Federation Apartments, a 111-unit Section 8 subsidized apartment building for low-income seniors. UI acquired the building on December 7, 2006 from an agency affiliated with The Jewish Federation of Greater Indianapolis (JFGI), a not-for-profit organization which had owned and operated the building since it was developed in the early 1980s.

Located at 8851 Colby Boulevard in Northwest Indianapolis, UI plans to rename the building “Park Regency Apartments.” The building is the 19th affordable senior building acquired by UI and brings their portfolio to 2,244 total units, all of which are reserved for low-income seniors.

Consistent with its mission, UI will maintain the building’s affordability while renovating the individual units and overall building systems and structure. The renovations will be completed without displacing any of the building’s current residents and should be completed during the summer of 2007.

“We are thrilled to expand our mission of providing low-income seniors with high quality housing to Indianapolis,” said Mark Kelly, Urban Innovations’ CEO. “Park Regency’s residents will benefit substantially from our experience managing and rehabilitating properties. They will continue to enjoy living in a safe and comfortable building which we will improve significantly.”

The acquisition represents the culmination of more than two years of discussions between UI and JFGI regarding Park Regency. As the original sponsor and developer of Park Regency, JFGI was committed to ensuring that the building continues to serve the community’s low-income elderly. In order to confirm UI’s commitment to preserving and improving the building, JFGI volunteer and professional leaders met with UI’s principals and senior managers numerous times and also traveled to Chicago to inspect other affordable senior buildings owned by UI.

“I have the utmost respect and admiration for the entire JFGI organization,” said Steve Greenbaum, a UI Principal who first approached JFGI in late 2004 and was involved in the transaction from start to finish. “From our initial discussion, JFGI’s leaders were committed to the well being of Park Regency’s senior residents. They certainly did their homework on our organization and always kept the residents’ best interests in mind. We are thrilled with the faith they have placed in UI and we are confident that Park Regency’s residents – as well as the JFGI community at large – will be thrilled with the results of this transaction.”

To complete the acquisition, UI utilized tax-exempt Economic Development Revenue Bonds issued by the City of Indianapolis as well as funds from the sale of low-income housing tax credits awarded by the Indiana Housing & Community Development Authority. After a competitive application process, the Indiana Finance Authority awarded bond volume cap to the City for this project based upon UI’s commitment to preserving Park Regency’s affordability, improving the facility and UI’s strong record of owning and managing several similar facilities. The bonds were purchased directly by US Bank and the credits were syndicated by Red Capital Group of Columbus, Ohio. The Department of Housing and Urban Development (HUD) was also involved in the transaction, approving UI as the new owner.

UI was founded in 1978 specializing in the acquisition and re-development of commercial lofts in the River North area of downtown Chicago. UI currently owns and manages 12 commercial loft buildings in River North. Since 2001, UI has committed to preserving high quality affordable housing for low-income elderly.

For more information about Park Regency Apartments or other UI properties contact Urban Innovations at 445 N. Wells Street, Suite 200, Chicago, IL 60610, 312-222-0777, www.urbaninnovations.com.