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| Green Oaks of Valparaiso apartments, a three-story, 120-unit assisted living community for low-income seniors att 2550 Morthland Drive in Valparaiso, IN |
VALPARAISO, IN — Chicago-based 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, Ind.
Evergreen Construction Company, a division of
Evergreen Real Estate Group, will serve as general contractor on the development
and plans to begin preliminary site work this month.
Green
Oaks of Valparaiso will welcome its first residents in early 2023.
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| Steve Rappin |
A financial assistance program will be available
for those who qualify.
Managed
by Gardant Management
Solutions, the 10th-largest provider of assisted living in the country, 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.
“Green Oaks of Valparaiso is the second
affordable assisted living community we are developing in Indiana, and we are
thrilled to again be partnering with Gardant Management
Solutions,” said Steve Rappin,
CEO of Evergreen Real Estate Group.
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| Rod Burkett |
"In addition to bringing much-needed
assisted living residences to the community, this project will create jobs and
contribute to the local tax base.”
Rappin added
that in response to the pandemic, Evergreen has adapted the design of its
senior living communities to help keep residents safe and healthy.
“We call the changes we have implemented our
‘pandemic response,’ which includes everything from additional hand-washing and
sanitizing stations to spaced out furniture configurations.”
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| Andre Pintauro |
“Our focus is on helping each resident achieve and maintain as much independence as possible for as long as possible.”
Andre Pintauro,
president of Evergreen Construction Company, added: “We expect construction of
Green Oaks of Valparaiso to go smoothly and seamlessly, as it is very similar
in its interior design to the senior living community our team is currently
building in Goshen.
"This new community will be an excellent
addition to the downtown Valparaiso area, providing seniors with a beautiful
new home that anticipates their needs both today and in the future.”
The Indiana Housing and
Community Development Authority (IHCDA) authorized 4% 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 Low Income Housing Tax Credits (LIHTC)
equity.
Evergreen currently owns and manages 9,500 units of multifamily housing. For more information, visit
CONTACTS:
Kathryn Kjarsgaard,
(312) 267-4514
Abe Tekippe
(312) 267-4528
