CRE Midwest

Ryan Cos. breaks ground on affordable senior housing facility in Gurnee

Ryan Companies US, Inc. has announced plans to develop and construct Thomas Place Gurnee, a 100-unit affordable senior apartment community. The $25.4 million development is the third project in Chicago’s northern suburbs Ryan has created with its joint venture development partner, Jim Bergman.

Ryan Companies US, Inc. has announced plans to develop and construct Thomas Place Gurnee, a 100-unit affordable senior apartment community. The $25.4 million development is the third project in Chicago’s northern suburbs Ryan has created with its joint venture development partner, Jim Bergman.

Thomas Place Gurnee, an age-restricted community, will be located on a 12-acre site on the east side of Hunt Club Road, just north of Washington Avenue, in Gurnee, Ill. Construction started July 5th and will be complete and ready for occupancy  in Spring 2012.

The two-story development will feature 33 one-bedroom, one-bathroom units, each with 784 square feet, and 67 two-bedroom, two-bathroom units, each with 1,033 square feet. Apartments at Thomas Place Gurnee will include a balcony or patio, a full-sized kitchen with modern cabinetry and appliances, a washer and dryer, and walk-in closets.

The building will have a common area that is centrally located between two residential wings of the building,including a dining room and kitchen, TV and entertainment lounge, a library, a game room, and a fitness center.

The exterior of the property will be professionally landscaped with a private courtyard and a covered drop-off area for residents and guests. There will be 152 parking spaces, including 101 indoor parking spaces and 51 outdoor spaces. An on-site management team will take care of snow removal, building repairs and other property maintenance matters.

The age-restriction guidelines require that at least one resident in each unit must be 55 or older. Income restrictions will apply. The monthly rents for the one-bedroom units range from $351 to $745, and are $872 for the two-bedroom units. The application process for tenants is underway . “Thomas Place Gurnee rent levels are based on the principle that no more than 30 percent of one’s income should be spent on housing,” Tom Monico, a project consultant and principal of Thomas & Thomas Associates, said in a release.

According to Ryan the project is expected to create over 450 construction jobs.

Ryan has constructed two other senior facilities in northern Illinois. Thomas Place Glenview was developed in 2007 and features 144 units including 108 affordable units. It currently is 100 percent leased. Thomas Place Fox Lake, which opened in the fall of 2010, has 100 affordable units and is also 100 percent leased.

The project financing is a combination of tax credit equity provided by Credit Capital, LLC and The Richman Group, and a $17.2 million construction loan and $4.25 million permanent loan from the Citibank.