Lightengale Group is proud to announce the closing on the financing for Stonebridge of Gurnee! Stonebridge of Gurnee is a new, search Supportive Living Facility (SLF) underway in Gurnee, IL.
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 physical 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.
“The Burton Foundation and Moon Development are very proud to offer this beautiful development that is being built specifically for those with physical disabilities. While many physically disabled adults (22-64 years of age) are eligible for below market/affordable housing, much of this housing is not appropriate nor fits their specific needs. We are excited to offer care and comfort to those who are on waiting lists for other developments or who are in communities where their physical needs are not being met. In addition, we have partnered with Journey Senior Living to manage and operate the development. Blair M. Minton is the founder and President of Journey. Mr. Minton has over 40 years of experience in the health care industry, including 32 years of experience in administration, financing, planning and has developed over 45 assisted living communities, programs and services. As a registered nurse, Mr. Minton has practiced nursing in both nursing homes and hospitals.” Tracey Manning, Executive Director of The Burton Foundation
LGG helped structure the tax exempt bond transaction with the Illinois Housing Development Authority and the sale of the bonds with BB&T. Lightengale also assisted the developers with placing the project’s federal tax credits through Cinnaire. These funding sources helped secure this project’s on-going financial feasibility and allowed the developers to see their project begin its journey to fruition.
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About Lightengale Group Lightengale Group (LGG) is an affordable housing real estate financial advisory firm offering services to experienced and non-experienced developers nationally. LGG provides strategic & financial planning for developers by tracking evolving government regulations and funding requirements. With over 75 years of combined experience and more than 4,000 units completed, LGG is the industry’s preferred advisory leader. http://www.lightengalegroup.com