Evergreen Real Estate Group Opens IN Senior Living Community
Chicago-based Evergreen Real Estate Group has completed the Green Oaks of Valparaiso, a three-story, 120-unit assisted living community for low-income seniors in Valparaiso, Indiana. The $30 million project is located at 2550 W. Morthland Drive and includes 48 studio and 72 one-bedroom apartments.
Evergreen Construction Company, a division of Evergreen Real Estate Group, served as general contractor on the development, which achieved 90 pre-leases prior to opening. The property is managed by Gardant Management Solutions.
The Indiana Housing and Community Development Authority (IHCDA) awarded 4% Low Income Housing Tax Credits (LIHTC) in support of the project. In addition, the City of Valparaiso Economic Development Commission issued tax-exempt bonds, which were sold by Piper Sandler, providing debt financing. PNC Bank invested in the project, providing Low Income Housing Tax Credit (LIHTC) equity.
Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with G. Joseph Cosenza, Vice Chairman of The Inland Real Estate Group, LLC and President of Inland Real Estate Acquisitions, LLC at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register Today to network with your peers!
