Developers Iceberg Development Group, page LLC, page The Burton Foundation and CUBIT Development Group, LLC closed financing on a new construction independent living senior development in December 2016. Windmill Manor is in Batavia, Illinois and includes 60 one-bedroom and 20 two-bedroom units for seniors ages 55 and older. Ninety percent of the units are income restricted to seniors earning between 30% and 60% AMI. The remaining 8 units are unrestricted, creating a mixed income community. The project will include 9 fully accessible, 71 adaptable and 2 sensory impaired units.
The 3-story, elevator building includes a live-in property manager, large gathering area at entrance, exercise room, computer room, community dining area with full kitchen, craft room, library, game room with pool table, 4 picnic areas with grills, secured access at each entrance as well as ample parking.
This is the tenth project Iceberg Development Group, LLC has closed with Lightengale Group’s assistance. Lightengale helped coordinate and secure financing through the Illinois Housing Development Authority for an allocation of low income housing tax credits and state donation tax credits. Lightengale also prepared a successful application to the Housing Authority of Elgin for project based rental assistance.
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.