$21 million affordable assisted living development breaks ground
Ground was broke earlier this month to mark the start of construction of GateWay at River City, a 106-apartment affordable assisted living community for adults aged 22 to 64 years who have physical disabilities.
The community is being developed by Chicago-based Vermilion Development on property in Peoria, IL. Gardant Management Solutions, Bradley, IL, will manage the community, which will operate through the Illinois Supportive Living program.
The primary sources of financing for the $21 million development came from a $9 million insured loan from the U.S. Department of Housing and Urban Development; $9.5 million in low-income housing tax credit equity purchased by Affordable Housing Partners, a Berkshire Hathaway company; and almost $3 million in Illinois Housing Development Authority HOME Funds.
Worn Jerabek Wiltse Architects of Chicago and Champaign, IL, is the architectural firm for the development. Horve Construction, Forysth, IL, is the general contractor.
Gardant Management Solutions operates more than 40 communities with nearly 3,800 senior living, assisted living and memory care homes and apartments.