ANNUAL

PERFORMANCE

AND CREDIT

REVIEW

The Glipsies

Anthony Glipsie, an IT professional, and Charlotte Glipsie, a pharmacist, are a dynamic married couple united by their common goal of building generational wealth to secure their family’s financial future. Their journey into the real estate industry was driven by a shared vision. They recognized the potential for long-term prosperity in real estate through their business, Kinseeds LLC.

In early 2023, the couple embarked on their real estate journey with the acquisition of their first property, a six-unit multifamily property, in the vibrant South Shore neighborhood. They were drawn to South Shore not only because of the increase in development in the area but also due to the strong sense of community it offers. 

However, as newcomers to the real estate market, they faced the challenge of securing financing, which led them to explore hard money lending – and the limitations of this initial financing choice, which left them feeling trapped. It was at this pivotal moment that a friend and fellow real estate enthusiast, Jay Yancy, recommended they connect with Community Investment Corporation (CIC). CIC introduced them to CIC Senior Loan Officer Anthony “Tony” Hawthorne, an expert in real estate financing, who would play a critical role in shaping their journey.

CIC and Tony became the couple’s guiding lights and transformed their real estate endeavors. With CIC’s tailored financing solution, the Glipsies not only found relief from immediate financial burdens but also successfully refinanced their property.

Anthony shared, “Tony helped me in the most essential part of it, the exit strategy. Because you have to get out of those loans at some point, and if you can’t get refinanced, you’re stuck with penalties and mounting expenses. The initial loan seemed like a good idea at first, but we needed a longer term plan.”

CIC’s support extended beyond financial assistance. Tony offered invaluable advice on property maintenance, which prepared the Glipsies for the long haul. Anthony explained, “CIC removed all of the fluff and told me exactly what I needed to be successful. They made sure that everything I did set me up for success.”

The Glipsies’ journey was not without challenges. The onset of COVID–19 posed real challenges to their tenants, leading to their rent collection difficulties. Still, their commitment to fair communication and respect for their tenants enabled them to navigate these troubled waters with grace.

Charlotte emphasized their commitment to excellence, saying, “We operate in integrity and we also operate in excellence. We’re Christians who follow faith, and we wanted to make sure that we reimagined the building to where we would be proud of living in that environment. We wanted to make it safe, sound, and glamorous, as our money would allow, so they have something to be worthy of when they come home and rest.”

As they continue growing their real estate ventures, the Glipsies anticipate a future filled with potential, with the valuable support and guidance provided by CIC and Tony. Their journey underscores the significance of collaborative partnerships and thoughtful planning in the pursuit of real estate success.

In the words of Anthony Glipsie, “CIC and Tony have been our blessed assurance on this journey. They’ve not only provided us with financial solutions but have been our trusted guides, ensuring our success in this marathon of real estate.”

George Ortiz & Sheyla Padilla

Bringing together over two decades of individual expertise, George Ortiz and Sheyla Padilla united to create GMO Properties LLC—a full-service Latino-owned real estate company dedicated to providing high quality  rental housing and promoting healthy living in historically underinvested communities. Their partnership with CIC kicked off in 2023 with the acquisition of a significant project in the North Lawndale neighborhood on Chicago’s west side. Despite the need for extensive repairs, GMO Properties saw big potential in the mixed-use building. In addition to residential units, they also envisioned it as their corporate headquarters to solidify their presence and commitment to the neighborhood, and an opportunity to add valuable amenities to the area—a wellness center and electric vehicle charging stations.

“When we inherited the building, it was already in poor condition, and I think the previous owner realized this is more than he expected, more than he could handle,” Padilla said.

Faced with the challenge of revitalizing a dilapidated building with a hefty price tag, Ortiz and Padilla secured a Multifamily Tax Increment Financing (TIF) Purchase Rehab Grant from the City of Chicago, which is  administered by CIC. This strategic move made the deal financially feasible, propelling their vision to transform the neglected space into a vibrant community hub, from a plan into a reality. In many cases, the extent of needed repairs to a vacant multifamily building outpaces the building’s value, which is where a TIF grant can come in and make the project work.

Ortiz and Padilla are using the TIF grant and CIC financing to make extensive and necessary building renovations. “Our vision is simple: to provide quality apartments and healthy living. CIC and the TIF grant are making this vision a reality, and we can’t wait to complete our project by early next year,” Padilla said. Once finished, the property will feature six residential units and two commercial spaces.

Ortiz and Padilla’s deep experience in Chicago neighborhoods has helped them build a portfolio of 16 buildings in the region. “We’ve done work in communities on the west side. We’re in West Garfield Park, East Garfield Park, Englewood and North Lawndale. And even before that, we did some work in the surrounding suburbs,” Padilla emphasized.

As their project approaches completion, Ortiz and Padilla look forward to leasing up the residential units and finalizing the wellness center, which is designed to be a serene space that offers a retreat for employees, freelancers, entrepreneurs and tenants. Emphasizing its importance, Padilla states, “This is crucial because we tend to work so much and don’t give ourselves that break.” Through their North Lawndale project, GMO Properties is not only preserving rental affordability but also providing a holistic approach to housing, health, and community.