Lightengale Group assisted developers Trinity Services, viagra Inc. and Cottage Hill Development, LLC in closing on their new development named Hall Street Lofts, located in Sandwich, Illinois.
Hall Street Lofts will be an affordable new construction, wood framed, three story family development to be located in Sandwich, Illinois (DeKalb County). The development will include 28 one-, two- and three-bedroom units. The site will have on-site surface parking, a playground, BBQ grills and picnic tables. The building will contain an elevator, an on-site management office, community and fitness rooms, laundry and a secure entrance foyer with mailboxes.
Affordability will extend to families with incomes between 30% AMI and 60% AMI, meaning individuals and families with annual incomes between approximately $14,000 and $39,960 (depending on family size) are eligible. It is anticipated that three units will be set aside as permanent supportive housing units. IHDA’s targeting program will provide referrals for these units.
Although both Trinity Services, Inc. and Lightengale Group had worked with the principals of Cottage Hill Development, LLC previously, this is the first time Trinity Services and Lightengale Group have worked together. LGG helped secure funding awards from Illinois Housing Development Authority (allocation of Low Income Housing Tax Credits) and the Federal Home Loan Bank of Chicago (AHP Grant). These funding sources helped secure this projects on-going financial feasibility and allowed the developers to see their project finally start taking form. Raymond James Tax Credit Funds, Inc. provided the tax credit equity, and MB Financial provided both a construction and permanent loan. MB was also the sponsor of the AHP Award.
“Lightengale Group continues to prove they are one of the best tax credit consultants in the region. Working with the LGG staff on the Hall Street Lofts development proved to be yet again a phenomenal experience. Their knowledge base from concept to closing continues to make each closing run very efficient,” said James Dunton, Managing Director of Acquisitions-Midwest Region for Raymond James Tax Credit Funds, Inc.