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, Indiana.
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.
Located at 2550 Morthland Drive, the $30 million project will offer 48 studio and 72 one-bedroom apartments, all of which will be reserved for seniors age 62 or older, with incomes at or below 60 percent of the Area Median Income. 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.
Each residence will feature a kitchenette with an electric range, refrigerator and microwave, as well as a full private bath with grab bars and a walk-in shower. Apartments also will include window treatments, individual heating and air conditioning, and an emergency alert call system.
On-site amenities at Green Oaks of Valparaiso will include a community room with kitchen, media and theater room, computer room, meeting room, fitness center, beauty salon, library, community garden and outdoor area featuring a pond, courtyard and pavilion. There will be 90 parking spaces for residents and visitors.
The community’s dining room will serve residents three meals a day, plus a rotating assortment of snacks. Certified staff will deliver 24-hour care and assist residents with bathing, grooming, dressing, managing medications and shopping. Other services include laundry, weekly housekeeping and transportation to off-site healthcare providers and other destinations throughout Valparaiso.
The Indiana Housing and Community Development Authority authorized 4 percent Low Income Housing Tax Credits 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 equity.
