Work Begins on Affordable Seniors Housing in Gurnee
- Jul 14, 2011
Gurnee, Ill.–Ground has been broken for Thomas Place Gurnee, a 100-unit affordable seniors-housing complex in north suburban Gurnee, Ill. The property will include 33 one-bedroom units with monthly rents ranging from $351 to $745 and 67 two-bedroom units with monthly rents ranging from $859 to $900.
The new complex will also feature communal amenities for tenants, such as a courtyard, library, work-out space, and storage spaces throughout the facility, as well as heated underground parking and a salon. The amenities are intended to promote longevity by offering “active lifestyle choices.”
The Ryan Cos. and James Bergman are the developers, using federal Low-Income Housing Tax Credits. The developers are selling the tax credits on the project for equity to construct the complex, in exchange for restricting occupancy for a determined period to residents who earn 30 percent to 60 percent of the average median income in Lake County, Ill.
Credit Capital L.L.C., together with partner Richman Group, have underwritten a $20.2 million private equity investment to construct the affordable-housing complex. The property is also being financed with a $17.2 million construction loan and $4.25 million permanent loan from Citibank. The project will be completed by the summer of 2012.
The village of Gurnee has approved two other new seniors housing projects this year, Heritage Woods of Gurnee and Theresa’s Home Care. Heritage Woods will also be an affordable housing complex for residents at least 85 years old, while Theresa’s Home Care will be a 6,000 square-foot assisted living group home for about 20 elderly residents.