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 (ASHF) is an Illinois 501c3 and the non-profit partner in the project. ASHF was founded in 2003 with the mission to offer a continuum of care for people in crisis and transition. By providing the tools necessary to rebuild lives, ASHF helps individuals and families transform their lives in order to become active, responsible, healthy participants in their communities – with a strong sense of self-esteem and self-confidence that serves as the catalyst for long-term success and self-sufficiency. ASHF has an extensive background in providing housing and services.
PROJECT INFO:
Mill Street Station is a 63-unit new construction two-story townhome development for families located in Oswego, Illinois. The fourteen buildings include 2, 3, and 4 BR homes in a family-friendly environment and are identical to the for-sale townhomes constructed prior to the financial crash. Mill Street Station was originally intended as a homeownership community but was only partially sold when the construction lender took ownership of the site in 2009. Iceberg completed the roads, sidewalks, and infrastructure that benefited the entire Mill Street community. The rental units blend seamlessly into the fabric of the neighborhood. Residents enjoy access to the adjacent Metra shuttle as well as to Oswego’s excellent schools and recreational opportunities.
Project Funding Sources:
Unique Project Elements:
Lightengale introduced Iceberg to the town of Oswego. The mayor’s concern with the impact of the foreclosure crisis on their rapidly expanding town that led to this plan to salvage the remainder of this partially built site as quality rental housing.
Lightengale’s Role:
