Business First is reporting that Summit Development Inc. has begun work on a new $8 million senior housing complex in Lousivell’s east end.
Expected to open by the end of the year, Brookstone Senior will include 56 two bedroom units for residents age 55 and older with an income no more than 60 percent of the area’s median.
RBC Capital Markets is coordinating the sale of more than $5 million in federal housing tax credits provided by the Kentucky Housing Corp. The city of Louisville will provide a $150,000 loan for the project, with Stock Yards Bank & Trust Co. lending the remainder.
Brian said his company has owned the 2.5-acre site, near South Hurstbourne Parkway at Stony Brook Drive, for about for years. The firm had been unable to secure the tax credits until last year.