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SLC Starts $19M Seniors Housing Project

CHICAGO-The corporation has begun construction on a six-story complex which will offer affordable housing in 85 apartment units. Another is planned for Blue Island, IL.

By Cari Brokamp | Updated on October 15, 2008

CHICAGO-Senior Lifestyle Corp. has begun construction on its six-story Senior Suites of Kelvyn Park. The $19.4 million development, at 2715 N. Cicero Ave., will offer affordable housing to seniors in 85 apartment units. The community will be the company’s 19th such development in the state – 18 of which are in Chicago, and one in Joliet – since 1993.

“Every one has been an overwhelming success,” Bob Gawronski, VP of development, tells GlobeSt.com. “With these financing programs made available by the city, state and federal government, you’re able to address the market demand for housing for seniors who can’t afford to pay the type of rents that typical equity markets require for return on investment. Here, private investors get their return through low-income housing tax credits, and offer really nice apartment with services for seniors at rates that they are ready, willing and able to pay.”

The development is being funded with the support of $5.6 million in HOME funds from the Chicago Department of Housing, as well as $825,000 low-income housing tax credits from the City of Chicago. SLC secured $6.9 million in private equity for the development, a $2.2 million mortgage loan from Harris Bank, $3.5 million in Tax Increment Financing from the Chicago Department of Planning and Development, and $1.25 million in mortgage proceeds from the State of Illinois’ Affordable Housing Trust Fund.

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