Aurora St. Charles Senior Living
When Evergreen Real Estate Group took on the rehabilitation of the former St. Charles Hospital in downtown Aurora, IHDA’s new Credit Advantage Program provided a key solution. The development team, which had assembled a complex combination of financing and tax credits, planned to transform the long-vacant property into a 60-unit independent senior living community. However with a critical piece of the financial puzzle – the River Edge Redevelopment Zone Tax Credit – set to expire at the end of 2016, this was of the essence to complete the renovations before the deal fell apart.
The development was awarded Low-Income Housing Tax Credits in June 2015, leaving Evergreen just 18 months to close the deal and complete construction. Recognizing the aggressive schedule, IHDA proposed the developer utilize the Credit Advantage first mortgage resource. By working with IHDA as a one-stop-shop for both the first mortgage and the tax credits, Evergreen reduced the overlapping requirements for due diligence and attorney review typically required for multi-source deals. This allowed them to close on schedule with the financing structure intact while at the same time taking advantage of some of the most competitive rates and terms in the marketplace. Construction began in February 2016, and the first residents are scheduled to move in at the end of the year.