Celadon

What Celadon does

Celadon Partners, LLC is a Chicago-based affordable housing developer formed in 2019 by Scott Henry and Aron Weisner to continue the work of predecessor entity Celadon Holdings (founded 2008). The firm develops LIHTC-financed residential projects across the Chicago metropolitan area and broader Illinois market, with a portfolio that includes supportive living facilities for seniors, family-oriented apartment buildings, and adaptive reuse conversions of historically significant structures (e.g., West Pullman School, Baptist Retirement Home). Core technical competencies center on Low-Income Housing Tax Credit underwriting and deal structuring, adaptive reuse construction that preserves architectural heritage, and green building practices (Energy Star HVAC, solar hot water, low-VOC finishes, tight building envelopes) intended to reduce tenant utility costs.

The company's products include stabilized existing projects (New City Supportive Living, 101 units; West Pullman School, 60 senior units; Maywood Supportive Living, 100 units; Maria Elena Sifuentes Apartments, 50 units) and proposed developments (United Yards, 1100 W. Grand at 105 units, Collinsville Family Apartments at 100 units). Each project is financed through layered capital stacks combining 4% or 9% LIHTC equity (sourced from partners such as National Equity Fund/Huntington), construction and permanent debt, Tax Increment Financing from the City of Chicago, HOME Funds, and state-level Illinois Affordable Housing Tax Credits (e.g., from US Bank). Celadon holds Qualified Developer designation with the City of Chicago and Pre-Qualified Developer status with the Housing Authority of Cook County, and is a member of Communities United's ROOTS affordable housing initiative.

Revenue is generated through developer fees charged on affordable housing construction and redevelopment projects, participation in LIHTC syndication and equity investment structures, and construction/permanent financing arrangements with financial institutions and municipal governments. The go-to-market is enterprise/B2G field sales — projects are secured through government RFPs, pre-qualification programs, and strategic partnerships with community organizations, with no public pricing or standard product tiers. Tenants are sourced through affordable housing lotteries and income-based eligibility (primarily at or below 60% AMI, with some workforce units at 80% AMI), while property management is handled by Realty & Mortgage Co. The firm operates with a 1-10 person team and is privately held by its two founders, with no disclosed institutional ownership or outside funding rounds.

Name

Celadon

Legal name

Celadon Partners, LLC

Website

https://celadon-partners.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Celadon Partners is a Chicago-based affordable housing developer specializing in LIHTC-financed residential projects, including adaptive reuse of historic structures, supportive living facilities, and family apartments across Illinois. It serves low-income, workforce, and senior households through government-backed development partnerships.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

New Housing For-Sale Builders (236117), Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (6233)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC)

akta.pro secondary industry

Independent Living Community Development & Construction (Senior Housing Developers) (HLADAAAH)

Keywords

• Affordable housing development
• LIHTC real estate
• Adaptive reuse construction
• Supportive living facilities
• Historic building redevelopment

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure

Revenue model

1. Real Estate Development Fees: Celadon generates revenue through developer fees charged on affordable housing construction and redevelopment projects. Fees are earned on completed developments including adaptive reuse and new construction projects.
2. LIHTC Syndication and Equity Investment: The company structures and participates in Low-Income Housing Tax Credit transactions, where equity investors (such as National Equity Fund and Huntington National Bank) provide capital in exchange for tax credits, generating upfront and ongoing revenue streams.
3. Construction and Permanent Financing: Revenue derived from construction loans, permanent loans, and tax increment financing (TIF) arrangements with financial institutions and municipal governments.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Celadon Partners is an affordable housing developer that develops, redevelops, and owns Low-Income Housing Tax Credit (LIHTC)-financed residential properties in the Chicago metropolitan area. The firm specializes in adaptive reuse of historically significant structures, green building practices, and supportive living facilities for seniors, and operates as a Qualified Developer for the City of Chicago and Pre-Qualified Developer for the Housing Authority of Cook County.

Product overview

Celadon Partners is an affordable housing developer offering a portfolio of residential development projects across the Chicago metropolitan area and Illinois. The company's product portfolio consists of both existing stabilized properties and proposed new developments, including supportive living facilities for seniors, family-oriented apartment complexes, and adaptive reuse projects converting historic structures into modern affordable housing. Key offerings include New City Supportive Living (101 units of assisted living for adults 65+), West Pullman School Redevelopment (60-unit senior housing in converted landmark school), Maywood Supportive Living (100-unit supportive living facility), Maria Elena Sifuentes Apartments (50-unit family housing in Albany Park), and proposed developments including United Yards (50-unit affordable housing with community hub), 1100 W. Grand (105-unit mixed-use), and Collinsville Family Apartments (100-unit family complex). The company utilizes Low-Income Housing Tax Credits (LIHTC), Historic Tax Credits, and various public financing mechanisms to deliver affordable housing solutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Maria Elena Sifuentes Apartments (Lawrence Metropolitan Apartments) A 6-story, 50-unit residential building with first-floor daycare at 3559 W Lawrence Ave in Chicago's Albany Park neighborhood. The $24.2 million development serves households at 60% and below AMI, with 8 workforce-level units at 80% AMI, and is named in honor of community organizer Maria Elena Sifuentes.
• West Pullman School Redevelopment Adaptive reuse of a landmark school building (occupying nearly an entire block) into 60 senior housing units in Chicago's West Pullman neighborhood. The $20 million project preserved the century-old structure, featuring wide corridors and generous windows, renovated by UrbanWorks.
• Maywood Supportive Living A 100-unit supportive living development at the former Baptist Retirement Home property in Maywood, IL (listed on Illinois Register of Historic Places). Development includes 83 studio apartments and 17 one-bedroom units, with amenities including dining room, resident lounge, beauty shop, exercise room, wellness rooms, movie theater, and general store.
• New City Supportive Living A 101-unit affordable assisted living facility for adults 65 and older at 47th & Ashland in Chicago. Financed with 4% LIHTC, Historic Tax Credits, HOME Funds, TIF, DCEO, and Tax Exempt Bonds.

Quantifiable outcome

• Over 1,500 affordable housing units completed nationally
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• City of ChicagocoreStrategic or Co-development PartnerCeladon is a designated Qualified Developer for the City of Chicago Neighborhood Stabilization Program and receives TIF financing for projects. The city selects Celadon through RFP processes for vacant lot and underutilized site developments under the Invest South/West initiative.
• Housing Authority of Cook CountycoreStrategic or Co-development PartnerCeladon is a Pre-Qualified Developer for the Housing Authority of Cook County, enabling participation in county housing development programs.
• Communities UnitedcoreStrategic or Co-development PartnerCeladon is a member of Communities United's affordable housing initiative ROOTS (Renters Organizing Ourselves to Stay), dedicated to preserving and creating affordable housing in high-need Chicago neighborhoods impacted by gentrification.
• Concordia PlaceminorChannel Partner/ Reseller/ DistributorAward-winning, locally-based nonprofit daycare provider occupying ground floor commercial space at Maria Elena Sifuentes Apartments to provide childcare for residents and the surrounding community.
• Clark Construction GroupminorImplementation/ SI/ Consulting PartnerGeneral contractor for the Maria Elena Sifuentes Apartments development.
• UrbanWorksminorImplementation/ SI/ Consulting PartnerArchitecture firm that designed the Maria Elena Sifuentes Apartments in collaboration with Assemble Design Workshop. Also designed the West Pullman School Senior Housing adaptive reuse project.
• Gleason ArchitectsminorImplementation/ SI/ Consulting PartnerSelected to design the Maywood Supportive Living 100-unit redevelopment project.
• SkenderminorImplementation/ SI/ Consulting PartnerServing as general contractor for the Maywood Supportive Living 100-unit redevelopment project located 12 miles west of downtown Chicago.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Brinshore Development: Chicago-based affordable housing developer specializing in LIHTC-financed multifamily and mixed-use developments. Brinshore mirrors Celadon's focus on transforming vacant or underutilized properties into affordable housing through complex financing stacks including TIF and tax credits.
• Bickerdike Redevelopment Corporation: Chicago nonprofit affordable housing developer focused on community-driven development in West Side and other underserved neighborhoods. Comparable to Celadon in its use of LIHTC, TIF, and community partnerships to deliver affordable housing.
• Hispanic Housing Development Corporation: Chicago-based affordable housing developer serving Latino and other underserved communities in the metropolitan area. Similar to Celadon in LIHTC-financed multifamily and senior housing developments targeting low-income households.
• The Resurrection Project: Chicago-based affordable housing and community development organization developing affordable rental housing, mixed-use projects, and senior housing in underserved neighborhoods. Comparable to Celadon in targeting LIHTC and government-financed affordable developments in Chicago.
• Evergreen Real Estate Group: Chicago-based affordable housing developer and property manager serving the Midwest. Similar to Celadon in LIHTC-financed developments and adaptive reuse of historic structures, with comparable portfolio scale and tenant focus.

Broad incumbents

• The Michaels Organization: National affordable housing developer and property manager with a substantial portfolio of LIHTC and mixed-income housing. Comparable to Celadon in core product, but operates at much greater scale across multiple states.
• Related Companies: Major national real estate developer with a significant affordable housing division. Related Affordable participates in the same LIHTC-financed market as Celadon, though at materially larger scale and broader geographic footprint.
• The Community Builders: National nonprofit affordable housing developer with significant presence in Chicago. Larger and more diversified than Celadon, but competes for the same LIHTC allocations and municipal RFPs in the Chicago market.

Others

• National Equity Fund: Major LIHTC syndicator that has provided equity capital to Celadon projects. Functions as a capital partner rather than direct competitor, but operates at the intersection of affordable housing finance and is structurally relevant to Celadon's deal flow.
• UrbanWorks: Chicago architecture firm that has partnered with Celadon on adaptive reuse projects including West Pullman School Senior Housing. Familiar with the affordable housing development space and an ecosystem partner rather than direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/celadon-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Celadon