SANTA MONICA, CA - Credit Capital, LLC announced that, together with its partner The Richman Group, it has underwritten a $20.22 million private equity investment to construct the 100-unit senior apartment community to be known as Thomas Place - Gurnee located in Gurnee, IL.
The $25 million affordable-housing complex is also being financed with a $17.2 million construction loan and $4.25 million permanent loan from the Citibank.
The complex will be developed by the Ryan Companies and James Bergman using federal Low-Income Housing Tax Credits. 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 in Lake County, IL as defined by the U.S. Department of Housing and Urban Development.
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.
The new complex will include several communal amenities for tenants such as a courtyard, library, entertainment, work-out, and storage spaces throughout the facility as well as heated underground parking and salon. The amenities are intended to promote longevity by offering healthy and active lifestyle choices.
Construction commenced July 5, 2011 and completion is scheduled for Spring 2012.
Seniors who believe their incomes may qualify them to rent a Thomas Place - Gurnee unit should contact the complex's management agent: Brian Fritz of Pioneer Property Management at (608) 348-7782. Thomas Place - Gurnee has an identical sister project in Fox Lake, IL at 229 Thomas Lane (847-973-9737) for prospective residents that would like to see what the project will look like. Additional information on Thomas Place - Gurnee including qualifying income limits can also be found on the web at: www.thomasplaceseniorapartments.com
Credit Capital's principals have over 50 years of combined experience in the affordable-housing industry. Based in Santa Monica, Calif., Credit Capital identifies and structures investment opportunities for its syndication partner, The Richman Group, throughout the United States. Credit Capital and its syndication partners hold their equity investments for a minimum of 15 years.
Source: Credit Capital, LLC