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Anthony Place of Yorkville

Home | Client Portfolio | Anthony Place of Yorkville
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Anthony Place of Yorkville

Experienced Developer

Anthony Place of Yorkville

DEVELOPER INFO:

Lead Developer: GC Housing Development LLC (GCHD) is a fourth generation, Chicago-based developer of affordable housing. With a focus on affordable housing financed through the Low Income Housing Tax Credit (LIHTC) program, GCHD develops high-quality, affordable, independent living residences for those over the age of 55. Our mission is to develop quality affordable housing that provides the largest units with the most unit and common amenities at the lowest rent. In this approach, our developments remain viable and marketable, and avoid competition throughout the compliance period. GCHD’s co-founders have developed over 700 units of affordable housing units across the state of Illinois. GCHD, through a partnership with, Crane Construction, LLC, provides both development and construction services from start to finish for all of our projects. By retaining control over the entire construction process, including the construction and lease-up phase, GCHD is uniquely suited in the LIHTC community.

Co-Developer: The Burton Foundation, a charitable, tax-exempt, 501(c)(3) organization, creates and preserves high-quality affordable housing for families and senior residents of low and moderate income levels. The Burton Foundation assists families in finding safe, secure, and affordable housing through participation in partnerships and management activities. It is also a philanthropic organization which builds permanent charitable capital through donations, grants, aid, and low-income interest loans to the poor for housing and health needs.

 

PROJECT INFO:
Anthony Place Yorkville is a new construction affordable housing senior development adjacent to a new construction for-sale community. Anthony Place allows seniors to remain close to their families in this rapidly growing community. The Association for Individual Development (AID) provides referrals and on-site services for those with a range of disabilities to live in this warm, welcoming community. The project includes 50 one- and two-bedroom units as well as a live-in manager’s unit.  Eight (8) units serve low-income seniors with disabilities, those experiencing homelessness, or at risk of homelessness who are referred to the development via the Statewide Referral Network (SRN). The income restrictions are at 30%, 50% and 60% AMI for the units. Development amenities include a library, computer room and fitness center.

project details

  • Project Site: Anthony Place of Yorkville
  • Lead Developer: GC Housing Development, LLC.,
  • Co-Developer: The Burton Foundation
  • Project Address: 1050 Freemont St., Yorkville, IL, 60560
  • Number of Units: 50
  • Property Type: Senior Housing
  • Closed: June 2017

 

Project Funding Sources

  • 9% LIHTC Equity
  • State Low-Interest Loan
  • IHDA Credit Advantage Loan
  • City of Yorkville Rental Assistance
  • Bank of America Construction Loan

 

Unique Project Elements

  • The United City of Yorkville was very supportive of the project, including assisting with re-zoning, permits, and establishing a Rental Assistance Fund for three (3) units where the City will pay the difference between 30% of the resident’s annual income and the annual established rent and any tenant-paid utilities for the residential unit.

 

Lightengale’s Role

  • Strategy
    • Site Feasibility Analysis
    • Rental Assistance
    • LIHTC Application
    • Project Budget
  • Financing Execution
    • Project Debt & Equity Coordination
    • Other Credits/Loan Funds
  • Due Diligence Coordination
    • Property Mgmt. Documents
    • Insurance Coordination
    • Closing Owner Sworn Statement
  • Post Closing Services 
    • Equity Installments coordination 
    • LIHTC - Carryover/10% Test
    • LIHTC - 8609

 

 

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