Project Funding Sources
As a foreclosed condominium that had not been placed into service, the deal had to be structured carefully so the work completed to date would quality for the 30% LIHTC basis boost. Specific LGG tasks included:
Virginia Towers is a 9 story building located on Kenosha's waterfront that had originally been developed as a luxury condominium building. Almost complete but vacant and foreclosed, Door Creek saved this building while providing much needed senior housing The 34 units contain a mix of one and two bedrooms with 1 and 2 baths, respectively. The project failed during the economic crisis while the construction was not complete, leaving the building subject to the elements. Lightengale Group helped structure the tax-exempt bonds and 4% credits, completed the WHEDA application and assisted with the 8609 close-out.