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Gardiner Place Seniors

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Gardiner Place Seniors

Experienced Developer For-Profit Organization

Gardiner Place Seniors

DEVELOPER INFO:

Lead Developer: Iceberg Development is owned and operated by Jim Bergman, an attorney and CPA who has completed more than 35 LIHTC projects since 1991. Other projects include (I) Thomas Place Glenview in Illinois with 144 independent units for seniors (including 36 market-rate units) (ii) Hometown Harbor in Bettendorf Iowa, an assisted living development providing a total of 110 units for senior occupancy with extensive, optional supportive services (iii) Crown Hill Estates in Gulfport, Mississippi, a three-phase development providing a total of 335, 1,700 square foot single family homes which includes the development of all of the infrastructure for the 150 acre subdivision (iv) Thomas Place Fox Lake, Waukee and Bettendorf consisting of 1 independent elderly project in each of said communities totaling 336 units and (v) Gardiner Place and River Haven homes in East Dundee, IL with 148 of senior and family units.

Co-Developer: A Safe Haven Foundation provides a wide range of services and housing for individuals and families struggling with homelessness, mental health challenges and other needs. In their housing, ASH offers a continuum of phased housing which consists of access to a network of over 34 locations and growing, located throughout Chicago and surrounding suburbs ranging from transitional, supportive, affordable and senior housing. All sites are designed to be safe, affordable, beautifully maintained and landscaped housing located near shopping, parks and transportation and other excellent amenities. A Safe Haven properties are professionally managed to provide people the opportunity to simply live in affordable housing or to help re-integrate people back into appropriate housing in a supportive, friendly community that meets their needs and is affordable for them to sustain their recovery lifestyle and/or themselves and their families independently and long-term.

 

PROJECT INFO:
Gardiner Place Apartments is a mixed-income, 80-unit, new construction three-story elevator development for seniors 55 and older located in East Dundee, Illinois. The project consists of 80 one- and two-bedroom units of which 70 are affordable to seniors with incomes ranging from 30% to 60% AMI. The remaining 10 units are unrestricted.

The building includes 14,000 square feet of community spaces on the ground floor, including the main lobby, a dining room with kitchen, two sitting areas, doors that open onto the outdoor green area with a gazebo, a nurse’s office, and an exercise room. The second floor includes over 11,000 sf of common area with two sitting areas, a library, a multimedia room, and a beauty salon. The third floor includes a computer room and games/craft room.

project details

  • Lead Developer: Iceberg Development
  • Co-Developer: A Safe Haven Foundation
  • Project Address: 212 River Haven Dr., East Dundee, IL
  • Number of Units: 80
  • Property Type: Senior Housing
  • Closed: June 2012

 

Project Funding Sources:

  • 9% LIHTC Equity
  • Tax Increment Financing
  • Amortizing Private Debt
  • FHLB AHP

 

Unique Project Elements:

  • This project shares a campus with River Haven Homes, a companion LIHTC project for families. East Dundee is a higher income community with many services for both families and seniors.

 

Lightengale’s Role:

  • Strategy
    • Site Feasibility Analysis
    • LIHTC Application
    • Project Budget
  • Financing Execution
    • Project Debt & Equity Coordination
    • Other Credits/Loan Funds
  • Due Diligence Coordination 
    • Property Mgmt Documents
  • Post Closing Services
    • LIHTC - Carryover/10% Test
    • LIHTC - 8609 Coordination

 

Photo Credit: LGG

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