• Home Page
  • Why Choose Us
  • Who We Serve
  • Our Team
  • Client Portfolio
  • Happenings
  • Contact Us

Stonebridge of Gurnee

Home | Client Portfolio | Stonebridge of Gurnee
previous next

Stonebridge of Gurnee

Experienced Developer Non-Profit Organization

Stonebridge of Gurnee
DEVELOPER INFO:

 

Lead Developer: 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.

Co-Developer: Joe Mugnaini had a 35-year career with Sears buying, merchandising, promotion and retail management. After leaving Sears, Mr. Mugnaini established Moon Development, Inc. for which he is the principal owner and is responsible for overseeing the development and operations of SLFs. Mr. Mugnaini assisted the developer and was responsible for the final construction phase and establishing initial operation of a $14.9 million SLF in the northwest suburbs of Chicago. The 102-unit facility was designed to encompass affordable housing and a variety of supportive services designed to maintain a senior resident’s quality of life.

 

PROJECT INFO:
A Supportive Living Facility for disabled adults (ages 22-64), Stonebridge combines apartment and home living with the availability of personal assistance and other services. It provides an alternative to a conventional nursing home for those who need assistance in the activities of daily living. This mixed-income development serves disabled adults of all incomes, including those on Medicaid or receiving Social Security benefits. Stonebridge of Gurnee provides a number of services to residents, including care from nursing assistants, personal care, medication oversight, food service, laundry, exercise programs, and health promotion.

project details

  • Project Site: Stonebridge of Gurnee
  • Lead Developer: Burton Foundation
  • Co-Developer: Moon Development
  • Project Address: 5930 West Washington St, Gurnee, IL
  • Number of Units: 120
  • Property Type: Special Needs Component and Supportive Housing
  • Closed: September 2016

 

Project Funding Sources

  • LIHTC Tax Equity 4%
  • FHLB AHP
  • Medicaid-waiver SLF Subsidy
  • Taxable Bonds
  • Tax Exempt Bonds

 

Unique Project Elements

  • This project is a supportive living facility (SLF) that receives Medicaid subsidy from the State to cover the cost of housing and services for non-elderly adults. The SLF provides an option for individuals not needing the level of care or restrictions provided by nursing homes.

 

Lightengale’s Role

  • Strategy
    • Development Team Assembly
    • LIHTC Application
    • Project Budget
  • Financing Execution
    • Project Debt & Equity Coordination
    • Other Credits/Loan Funds
  • Due Diligence Coordination 
    • Property Management Documents
    • Closing Owner Sworn Statements
  • Post Closing Services
    • LIHTC - 8609 coordination

 

Photo Credit

 

related works

  • Hancock House

    Hancock House
  • LCDC Legacy Apartments

    LCDC Legacy Apartments
  • Altamont Senior Residences

    Altamont Senior Residences
  • Wisdom Village of Northlake, Phase II

    Wisdom Village of Northlake, Phase II
  • Ogden Avenue Supportive Housing

    Ogden Avenue Supportive Housing
  • Anthony Place of Ottawa

    Anthony Place of Ottawa
  • Anthony Place at Prairie Centre

    Anthony Place at Prairie Centre
  • Flax Meadows Townhomes

    Flax Meadows Townhomes
  • Miriam Apartments

    Miriam Apartments
  • Fifteenth Street Apartments

    Fifteenth Street Apartments
  • Washington Senior Apartments

    Washington Senior Apartments
  • Marison Mill Suites

    Marison Mill Suites
  • Thorpe Village

    Thorpe Village
  • Lawson and Montgomery Homes

    Lawson and Montgomery Homes
  • The Reserves at Briarwood

    The Reserves at Briarwood
  • The Reserves at Ironwood

    The Reserves at Ironwood
  • Wrightwood Senior Apartments

    Wrightwood Senior Apartments
  • Christian County, The Berkshires

    Christian County, The Berkshires
  • Pebble Creek Villas

    Pebble Creek Villas
  • River Haven Homes

    River Haven Homes
  • A Safe Place II

    A Safe Place II
  • Alice Place

    Alice Place
  • 3DD Oswego Senior Apartments

    3DD Oswego Senior Apartments
  • Diamond Senior Apts. at Wingate Drive

    Diamond Senior Apts. at Wingate Drive
  • Windsor Development Group Nehemiah II

    Windsor Development Group Nehemiah II
  • Windsor Development Group Golden Oaks

    Windsor Development Group Golden Oaks
  • Windsor Development Group Nehemiah I

    Windsor Development Group Nehemiah I
  • Windsor Development Group Hawkland Estates

    Windsor Development Group Hawkland Estates
  • Country Club Hills Wellness Center

    Country Club Hills Wellness Center
  • Immanuel Phase I

    Immanuel Phase I
  • Windsor Development Group Walnut Estates

    Windsor Development Group Walnut Estates
  • Leisure Acres, Phase I

    Leisure Acres, Phase I
  • Diamond Senior Apartments of Princeton

    Diamond Senior Apartments of Princeton
  • Gardiner Place Seniors

    Gardiner Place Seniors
  • IACAA Prairie Meadows I

    IACAA Prairie Meadows I
  • Virginia Towers

    Virginia Towers
  • The Reserves at Mill Farm

    The Reserves at Mill Farm
  • Bond County Homes

    Bond County Homes
  • West Humboldt Place

    West Humboldt Place
  • Southwick Place

    Southwick Place
  • G&A Kedzie

    G&A Kedzie
  • Arbor Place of Lisle

    Arbor Place of Lisle
  • Lake Street Studios

    Lake Street Studios
  • Water’s Edge of South Elgin

    Water’s Edge of South Elgin
  • Hall St. Lofts

    Hall St. Lofts
  • Concord at Sheridan

    Concord at Sheridan
  • Mill Street Station

    Mill Street Station
  • A Safe Haven Veteran Village

    A Safe Haven Veteran Village
  • Hathaway Homes

    Hathaway Homes
  • The Reserves at Storm Lake

    The Reserves at Storm Lake
  • Galena Park Terrace

    Galena Park Terrace
  • New Pisgah – Veterans New Beginning

    New Pisgah – Veterans New Beginning
  • Glendale Commons PSH

    Glendale Commons PSH
  • KJ Manor

    KJ Manor
  • Transformation Center of New Moms

    Transformation Center of New Moms
  • Diamond Senior Apartments of Iowa City

    Diamond Senior Apartments of Iowa City
  • New Moms PSH – Oak Park

    New Moms PSH – Oak Park
  • Oak Park Senior Residence, Muscatine Iowa

    Oak Park Senior Residence, Muscatine Iowa
  • Wisdom Village of Northlake, Phase I

    Wisdom Village of Northlake, Phase I
  • Windmill Manor

    Windmill Manor
  • Montclare Senior Residences of Calumet Heights

    Montclare Senior Residences of Calumet Heights
  • Lincoln Park Community Services

    Lincoln Park Community Services
  • Hershey Tower & Senior Village

    Hershey Tower & Senior Village
  • Alice Place, Senior Living of Boone

    Alice Place, Senior Living of Boone
  • Lincoln Park Villas

    Lincoln Park Villas
  • Anthony Place of Yorkville

    Anthony Place of Yorkville
  • Tierra Linda

    Tierra Linda
  • Mayfair Commons (NRC)

    Mayfair Commons (NRC)
  • Midtown Crossing Apartments

    Midtown Crossing Apartments
  • Rosenwald Courts

    Rosenwald Courts
  • Villas at Fox Pointe

    Villas at Fox Pointe


CREATIVE APPROACH.
PROVEN RESULTS.

Latest Happenings

  • March 1, 2021
    By LGG

    Celebrating 22 Years of Service!

    Lightengale Group Celebrates their 22nd Anniversary   Although this past year has […]

  • February 22, 2021
    By LGG

    Sharnette Brown Celebrates 7 years with...

    Sharnette Brown celebrates 7 years with Lightengale Group! Sharnette is one of […]

Contact

Have a question? We'd love to hear from you.

Lightengale Group
140 South Dearborn St., Suite 1610 Chicago, IL 60603
Phone: 312.920.1500

Send us a message

Connect With Us

  • Twitter
  • LinkedIn
Copyright Lightengale Group