RCH Development Inc. celebrates its first closing with Lightengale Group. RCH Development closed on Lincoln Park Villas in late February. Lincoln Park Villas is a new construction affordable property for independent seniors of O’Fallon, Illinois, St. Clair County and the surrounding communities. The development will include 72 one- and two-bedroom units for seniors aged 55 and older.
Project amenities include a community building that contains an on-site property manager’s office, community kitchen, meeting space, and fitness equipment. Resident units will be fully equipped with energy star appliances including refrigerator, electric oven, dishwasher, and microwave. In-unit washer and dryers will also be provided. All units will be one-story, universally designed, and have front and back patios. Eight units will be ADA accessible.
Lightengale worked with RCH Development to submit an Illinois Housing Development Authority application that successfully secured a Low Income Housing Tax Credit amount of over $1.2M and secure rental subsidies through the St. Clair Count Housing Authority. Lightengale also negotiated terms of the equity syndication, construction and permanent loans, and managed the closing processes with IHDA and Raymond James. Lightengale procured experienced professionals for the project’s marketing and environmental services.
Lightengale Group is excited for RCH Development to start construction on their new project! Congratulations!