Homewood’s Freedom Village acquired; Silver Cross CEO honored
Preservation Equity Fund Advisors, a real estate private equity group focused on preserving existing affordable housing in high-cost markets, last week announced their acquisition of Freedom Village, an apartment community in Homewood.
This is PEF Advisors’ second acquisition in Cook County in the past 12 months.
Originally built in 1998 with tax credits from the Illinois Housing Development Authority, Freedom Village is a single three-story building that serves low-income seniors. Comprised of 198-units, the property includes a mix of 124 one-bedroom units and 74 two-bedroom units.
As of November, Freedom Village was 98.5% occupied. Units include fully equipped kitchens with refrigerators, ranges, dishwashers, six-panel wood doors and in-unit heating/cooling systems. There is a community room with a kitchen, elevators, lounges, outdoor patio with barbecue grills, library, laundry facilities, fitness center and a game room with a pool table. Parking consists of 40 garage spaces and 93 surface spaces.
“This project sits in a unique part of Cook County as residents are walking distance to major retail corridors and public transportation,” said Ann Caruana, president and chief investments officer at PEF Advisors. “There is a high demand of housing in the area, and we hope through our dedication in the preservation of affordable housing, Freedom Village will further serve the community.”
Silver Cross CEO named New Lenox Citizen of the Year
Ruth Colby, president and CEO of Silver Cross Hospital was named New Lenox’s Citizen of the Year at the New Lenox Chamber of Commerce’s annual dinner Feb. 15.
Colby, who has served as president and CEO since October 2017, received a standing ovation as she was introduced by Emily Johnson, New Lenox Chamber of Commerce CEO.
“The New Lenox Chamber of Commerce Citizen of the Year Award is presented to an individual in our community that has a passion for good work and serves as an inspiration to others,” Johnson said. “Ruth Colby embodies those qualifications through her leadership, business acumen, and compassion. As President and CEO of Silver Cross, she has been an integral part of making New Lenox a true health care destination. We are so fortunate to have Silver Cross Hospital, an award-winning institution, in our community; but beyond that, we are thankful to have Ruth Colby at its helm.”
“When I started working at Silver Cross 17 years ago, I honestly didn’t know a soul in Will County or New Lenox,” Colby said during her acceptance of the award. “Since 2005, it’s been the most amazing journey for me personally, with the highlight being recognized so unexpectedly, this evening by the New
Lenox Chamber of Commerce.”
Colby thanked the New Lenox community for its warm reception of the hospital, which opened its New Lenox campus in February 2012.
“I can’t emphasize enough how fortunate I felt to be welcomed so warmly by the Village of New Lenox,” she said. “And you welcomed our nurses and physicians and all of our employees. During our open houses right before we started admitting patients, over 12,000 people toured the hospital …. Fast forward to today, more than 250,000 inpatients have been served in our location, and 1,900 New Lenox residents were inpatients at Silver Cross in 2022 alone. We can’t even count the number of outpatient visits — probably close to 25 million over 11 years.”
What’s more, Silver Cross has also been an important economic driver for the village. Nearly 400 medical staff members and employees reside in New Lenox, “enjoying all the benefits of the village,” Colby said.
Andy’s Frozen Custard opens in LaGrange Park
Missouri based Andy’s Frozen Custard opened its newest Chicago area location in January at 531 N. LaGrange Road in LaGrange Park.
Their first customers were Christine and Darrin Sundberg.
The frozen custard chain will hold its grand opening March 16, with $2 sundaes all day. A ribbon cutting is scheduled for 11 a.m. Guests will be able to spin the wheel to win prizes including free frozen custard for a year.
The new location is the former site of Philip’s Flowers and the Original Pancake House.
The village’s Board of Trustees voted unanimously a year ago to approve the new Andy’s. It’s the chain’s 15th Chicago area location and the 127th store in the chain. The first one in the Chicago area opened in Oak Lawn more than a decade ago.
The new Andy’s will feature a drive-thru and walk-up service window, and an outdoor dining area.
Ace Handyman opens in New Lenox
Ace Handyman Services of Lincoln-Way held a ribbon cutting on February 9 at 12410 Horseshoe Drive in New Lenox.
Hours are from 8 a.m. to 5 p.m. Monday to Friday and closed on weekends.