6/03/2008
G&A Senior Residence at Eastgate Village development closed on its financing on May 30, 2008. The 118-unit independent living senior building is located on Chicago's near south side across from Mercy Hospital, which will provide services to the residents free of charge. The financing for the project included a permanent mortgage with Enterprise Community Investment through Fannie Mae, construction and equity bridge loans with JP Morgan Chase, IHDA Trust Fund and HOME loans, a City of Chicago HOME loan, and 9% LIHTCs allocated by both the City of Chicago and IHDA and syndicated by Red Capital. Lighten-Gale Group assisted G&A Construction and Development, the developer, with the structure and coordination of the financing. Construction is set to begin in early June 2008 and end July 2009.

Back