Evergreen Real Estate Group to Develop 120-Unit Assisted Living Community for Low-Income Seniors in Valparaiso, Ind.January 10, 2022
VALPARAISO, Ind. (Jan. 7, 2022) — Chicago-based Evergreen Real Estate Group today announced it 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.
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% of the Area Median Income (AMI). 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. “As with our other community in Goshen, Green Oaks of Valparaiso will provide best-in-class housing and care for low-income seniors, including those who require assistance with daily activities. 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.”
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.
“We look forward to being able to enrich the lives of the residents of Green Oaks of Valparaiso by providing them with the love, compassion and dignity they deserve, in addition to the personal assistance they need,” said Rod Burkett, CEO of Gardant. “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.
About Evergreen Real Estate Group:
Founded in 1999, Chicago-based Evergreen Real Estate Group is a fully integrated multifamily company that develops, acquires and manages affordable and market-rate multifamily apartments for both seniors and families across nine states. Evergreen specializes in thoughtful, creative residential development solutions — from adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing. The firm is led by a passionate, cross-disciplinary team of developers, architects, urban planners and attorneys who have come together to create high-quality apartment communities, often in collaboration with local municipalities and financial partners who share its vision of investing not just in real estate, but also the people who call our communities home. Evergreen currently owns and manages 9,500 units of multifamily housing. For more information, visit www.evergreenreg.com.