Credit Capital and the Richman Group has underwritten a $20.22 million private equity investment to construct a 100 unit senior apartment in Gurnee, IL.
Named Thomas Place, the $25 million affordable housing complex is being financed with a $17.2 million construction loan and $4.25 million permanent loan from the Citibank.
Developed by the Ryan Companies and James Bergman, it will also use federal low income housing tax credits to get the project underway.
“The Ryan Companies and Bergman sell tax credits it receives on the project for equity to construct the complex in exchange for restricting occupancy for a determined period of time to residents who earn 30 to 60 percent of the average median income inLake County, IL as defined by the U.S. Department of Housing and Urban Development,” said the company in a statement.
Thomas Place – Gurnee will offer various rental options to qualified seniors: 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.
Construction commenced July 5, 2011 and completion is scheduled for Spring 2012.