Washington Senior Apartments

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Washington Senior Apartments

Experienced Developer For-Profit Organization

Washington Senior Apartments

DEVELOPER INFO:

Lead Developer: Jim Bergman has developed dozens of LIHTC projects since 1991. Mr. Bergman’s properties are located in Illinois, Iowa, Wisconsin, Missouri, Mississippi, and Texas. Mr. Bergman is a CPA and attorney that began his law career representing housing authorities and LIHTC developers. Soon, Mr. Bergman moved into development and has developed both senior and family housing in urban, rural and suburban areas. Bergman has completed more than 35 LIHTC projects since 1991.

Co-Developers:

MCC DEVELOPMENT: MCC Development’s Owner, Brian Fritz has co-developed and/or co-owned several LIHTC projects in Iowa, Wisconsin, and Illinois. He is also the President of Pioneer Property Management which manages over 4,000 units of LIHTC housing.

BURTON FOUNDATION: The Burton Foundation’s mission is to develop, foster and maintain quality affordable housing opportunities. The Foundation has been involved with the development of almost 20 affordable housing developments, consisting of both family and senior properties.

 

PROJECT INFO:
Washington Senior Apartments is the historic adaptive reuse of a former school (originally constructed in 1914). The redevelopment includes retaining the historic façade, corridors, and many internal features while converting the majority of the building into 57 residential apartments for seniors 55 years of age or older. The residential rental units include 2 studios, 35 one-bedroom, and 20 two-bedroom units. Two additional units will be utilized for a live-in resident manager and maintenance staff. The first floor will have some office space for businesses and non-profits and the swimming pool will continue to be utilized for by a local swim program. The building will also retain the large gymnasium and auditorium. Resident amenities include a library, a fitness room, and on-site management. The project closed on June 14, 2019, and completion and occupancy is expected for the first quarter of 2020.

project details

  • Lead Developer: Iceberg Development
  • Co-Developers: MCC Development & The Burton Foundation
  • Project Address: 510 E Washington St. Bloomington, Illinois
  • Number of Units: 59
  • Property Type: Senior Housing
  • Closed: June 2019

 

Project Funding Sources:

  • 9% LIHTC Equity
  • Federal Historic Tax Credit Equity
  • Tax Increment Financing
  • Amortizing Private Debt
  • Local Rental Assistance

 

Unique Project Elements:

  • The Bloomington High School was designed by well-known local architect Arthur L. Pillsbury, and served as the City’s primary high school for much of the 20th century. It is being preserved in part due to a partnership with the City which offered rental assistance for some units in order to make the project competitive for the 9% LIHTC award. The building is just west of downtown Bloomington. Within less than a mile of the property, the new residents will have access to a variety of restaurants, full-service grocery stores, healthcare, retail, public parks, religious institutions, banks and more.

 

Lightengale’s Role:

  • Strategy
    • LIHTC Application
    • TIF Negotiations
    • Project Budget
  • Financing Execution
    • Project Debt & Equity Coordination
    • Other Credits/Loan Funds
  • Post Closing Services
    • LIHTC - Carryover/10% Test
    • LIHTC - 8609 Coordination

 

Photo Credit: Washington Senior Apartments