Senior Housing News: Fox Valley Developers secures $82M for Illinois historic rehab
A development group led by Fox Valley Developers secured $82 million for the redevelopment of Old Copley Hospital, a nine-acre hospital campus in Aurora, Illinois listed on the National Register of Historic Places.
The group’s redevelopment plans include 96 independent living, assisted living and memory care units, along with a standalone 53-unit community for people with cognitive and/or developmental disabilities, Commercial Observer reports. The senior living component will be managed by Gardant Management Solutions.
The financing package consists of $34.5 million in first mortgage debt provided by a Boston-area bank; a bridge loan provided by Enhanced Capital to cover nearly $32 million in federal and state historic tax credits; $3 million in Commercial Property-Assessed Clean Energy (C-PACE) financing, also from Enhanced Capital; and $12 million from the City of Aurora. East West Bank is partnering with the developer as a historic tax credit investor.