Stonebridge of Gurnee

Experienced Developers For-Profit Organizations Non-Profit Organizations

The Burton Foundation, a charitable, tax-exempt, 501(c)(3) organization, creates and preserves high-quality affordable housing for family 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 who builds permanent charitable capital through donations, grants, aid, and low-income interest loans to the poor for housing and health needs.

Project Funding Sources

LIHTC Tax Equity
FHLB AHP
Deferred Developer Fee
First Mortgage
Tax Exempt Bonds

Lightengale’s Role
Some of the specific LGG tasks completed include:

Project Financing Coordination
- LIHTC Application
- Energy Grant Application
- Other Credits/Loan Funds
Project Budgets
Property Mgmt. Docs Coordination
Due Diligence
Insurance
Owner Sworn Statements
LIHTC – 8609

project info

Developers The Burton Foundation and Moon Development partnered for the Stonebridge of Gurnee project. It is planned as a 120-unit facility providing gracious housing, hospitality and care to adults (ages 22 to 64) with disabilities. The 85,346 square foot facility will consist of 98 studios and 22 1-bedroom apartments. Each studio and apartment will have fully ADA compliant washrooms and living spaces with easy access to all common area amenities throughout the building. Of the 120 units, 108 will be affordable Medicaid waiver units (60% AMI) and 12 will be market rate units.

SLFs are an affordable alternative to private pay assisted living facilities for those who do not need the full range of nursing facility care but may benefit from supportive services in an apartment.The facility will provide the following services to the residents: nurse assistant care, social and recreational programming, health promotion and exercise programs, 24-hour response and security staff, personal care, laundry, medication oversight, ancillary services, housekeeping, maintenance and communal meal service. The developers are excited to have started construction on this new community that will help provide high quality housing for those with disabilities in Gurnee and Lake County.