Ryan Companies US, Inc. and Providence Life Services turned to Lightengale Group for its experience managing IHDA’s Low Income Housing Tax Credit (LIHTC), HOME and Trust Fund Programs. Lightengale’s support and guidance have helped make Arbor Place of Lisle one of the community’s most anticipated and welcome new senior developments.[10/07/2014 – Chicago, IL]
Construction has begun at Arbor Place of Lisle, a new housing development from Ryan Companies, US Inc. and Providence Life Services comprising 80 units of affordable senior housing, in Lisle, Illinois. This is the latest local housing project made possible in part by financial strategy and coordination from Lightengale Group.
Dan Walsh, Vice President of Development at Ryan, applauded LGG’s work and dedication to the project. “We chose Lightengale Group to assist us with our Arbor Place of Lisle LIHTC application and financial structuring because LGG had demonstrated their creativity to us in previous transactions. The boutique-nature of LGG meant that we received hands-on strategic advice from senior-executives who are experienced with many facets of the LIHTC program. The day-to-day work they provided was delivered by a highly qualified project manager, who stayed ahead of the process through disciplined scheduling and follow through. Due to the many moving parts, we could not have completed this transaction without their expertise.”
LIHTC Program transactions are the most vital component of local and regional efforts to attract quality developers to affordable housing projects. “This is an important project for the Village of Lisle, and we’re very pleased to play our part,” said Katherine Mazzocco, Senior Vice President, BMO Harris Bank. “Not only will this attractive new housing development [have] a positive impact on the lives of numerous seniors in Lisle, but it’s also a great example of leveraging the Low Income Housing Tax Credit Program to the benefit of a community.”
Ryan Companies is an experienced developer and general contractor while Providence Life Services mission is centered around serving seniors, this is Ryan’s fourth affordable housing development in Illinois. Both companies felt Lightengale’s unique skills and unrivaled experience were necessary to ensure the project would debut successfully and on schedule. Lightengale’s contribution was substantial, beginning with QAP strategy and the application process, all the way through closing. In total, Lightengale was a key player in coordinating and negotiating the IHDA financing, the Federal Home Loan Bank of Chicago AHP award, as well as facilitating the Project Based Voucher process through the DuPage Housing Authority. Construction financing was provided by Citibank and permanent debt by BMO Harris Bank.
Arbor Place of Lisle offers seniors more than just affordable housing, although that is certainly a crucial need in a community where fast-rising home values are pricing many seniors out of the market and far away from friends and family. Arbor Place of Lisle will include many amenities, some including party with common are kitchen, multi-purpose room, on-site laundry facilities, fitness room and on-site property management.