CHICAGO, IL - Chicago-based Evergreen Real Estate Group today announced the topping-off of Green Oaks of Goshen, a four-story, 120-unit assisted living community for low-income seniors in Goshen, Ind. Evergreen Construction Company, a division of Evergreen Real Estate Group, is serving as general contractor on the project, which broke ground last October. Green Oaks of Goshen will welcome its first residents in early 2023.
Located at 282 Johnston St., approximately a mile north of downtown Goshen, the $30 million project replaces a vacant 3-acre lot on the city’s north side, near an existing Salvation Army building and retail along Main Street. The state-licensed community will be operated by Gardant Management Solutions, a Bourbonnais, Ill.-based firm that manages assisted living properties across the country.
“Leveraging the expertise of our integrated development and construction teams, we have been able to move quickly toward this construction milestone and remain on track to complete Green Oaks of Goshen in early 2023,” said Steve Rappin, CEO of Evergreen Real Estate Group. “We are proud to be working with city officials and other project partners to expand housing options for area seniors, enabling them to remain within the Goshen community while receiving personalized care that will enhance their quality of life.”
Evergreen Construction Company has completed the wood-frame structure, including the building enclosure and framing supports, bringing it to its full height of four stories. The construction crew is currently installing windows and façade finishes, including fiber cement siding and stone veneer, which will be followed by the installation of mechanical, electrical, plumbing and fire protection rough-ins.
“While Green Oaks of Goshen marks the first of two ground-up assisted living developments we are currently building, our team has extensive experience with these types of projects,” said Andre Pintauro, president of Evergreen Construction Company. “Our focus on preconstruction planning and procurement of long-lead materials is helping us keep the project on track.”
Upon completion, Green Oaks of Goshen will offer 49 studio and 71 one-bedroom apartments, all of which will be reserved for seniors age 62 or older, with incomes at or below 80% of the Area Median Income (AMI).
Each residence will feature a kitchen with an electric range and MicroFridge® all-in-one refrigerator/freezer/microwave combination appliance, as well as a full private bath with grab bars and a shower. On-site amenities at Green Oaks of Goshen will include a community room with kitchen, media and theater room, computer room, meeting room, fitness center, beauty salon, library, community garden and outdoor area featuring a pond, courtyard and pavilion.
The Indiana Housing and Community Development Authority (IHCDA) authorized 4% Low Income Housing Tax Credits (LIHTC) in support of the project. The city of Goshen issued tax exempt bonds that were sold by PiperSandler, providing debt financing. Affordable Housing Partners (AHP) invested in the project, providing Low-Income Housing Tax Credit (LIHTC) equity.
Green Oaks of Goshen is Evergreen’s first affordable assisted living development in Indiana, one of two the firm currently is developing in the state. The second project is Green Oaks of Valparaiso, a three-story, 120-unit assisted living community for low-income seniors in Valparaiso.
About Evergreen Real Estate Group: Founded in 1999, Chicago-based Evergreen Real Estate Group is a fully integrated multifamily company that develops, acquires and manages affordable and market-rate multifamily apartments for both seniors and families across 10 states. Evergreen specializes in thoughtful, creative residential development solutions -- from adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing. The firm is led by a passionate, cross-disciplinary team of developers, architects, urban planners and attorneys who have come together to create high-quality apartment communities, often in collaboration with local municipalities and financial partners who share its vision of investing not just in real estate, but also the people who call our communities home. Evergreen currently owns and manages more than 10,000 units of multifamily housing. For more information, visit www.evergreenreg.com