VALPARAISO, Ind. — Evergreen Real Estate Group has secured financing for Green Oaks of Valparaiso, a three-story, 120-unit assisted living community for low-income seniors in Valparaiso, approximately 45 miles southeast of Chicago. Development costs are estimated at $30 million.
Evergreen Construction Co., a division of Evergreen Real Estate Group, will serve as general contractor on the development and plans to begin preliminary site work this month. Construction is scheduled for completion in early 2023.
The project will offer 48 studio and 72 one-bedroom apartments, all of which will be reserved for seniors age 62 or older with incomes at or below 60 percent of the area median income (AMI). A financial assistance program will be available for those who qualify.
Managed by Gardant Management Solutions, Green Oaks of Valparaiso will be licensed and regulated as a residential care facility by the Indiana Department of Health and approved to be an assisted living Medicaid-waiver provider by the Indiana Family and Social Services Administration.
The Indiana Housing and Community Development Authority (IHCDA) authorized 4 percent Low Income Housing Tax Credits (LIHTC) in support of the project. In addition, the City of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler, providing debt financing. PNC Bank invested in the project, providing LIHTC equity.