Willis Senior Lofts, a 60-unit totally affordable senior community in Rochelle, Ill., in Ogle County, has been broken ground by Lincoln Avenue Communities. The project is expected to be completed in the spring of 2025.
The project is financed using a 9 per cent LIHTC, a first mortgage. Additionally, $4.9 million in Illinois Housing Development Authority soft funds, and 45L energy efficiency credit equity. CREA acquired both the LIHTC and 45L credits, and Chase will provide construction financing.
The property will include 45 apartments reserved for tenants earning less than 60% of the area median income. Moreover, 15 units reserved for those earning up to 30% of AMI. All apartments will be for individuals 55 and over.
Willis Senior Lofts, when completed, will comprise one- and two-bedroom units spread throughout a four-story structure designed to attain Green and Net-Zero certifications. A fitness centre, theatre room, and community garden will be among the amenities.
Where the Willis Senior Lofts project is located
The 2-acre property, located at 400 Willis Ave., is immediately north of Interstate 88, near to Drexler Park. It is 27 miles south of Rockford, Ill. The property is around 2.5 miles from the Rochelle Community Hospital and less than 2 miles from downtown Rochelle.
Lincoln Avenue Communities, a Lincoln Avenue Capital company, now manages a portfolio of over 22,000 units spread over 120 sites in 26 states. The company broke ground earlier this month on a 252-unit income-restricted property in Reno, Nevada.
“Within the building, residents will be able to enjoy a double-volume community room that opens up to an outdoor patio, a theatre room, fitness centre, shared laundry room and an indoor dog washing room,” said LAC Vice President & Regional Project Partner Hume An. “There will also be a walking path and a raised community garden. Additionally, bicycle parking on the development grounds for everyone to enjoy.”