Maywood Senior Living Facility

Maywood, IL 60153

Cook County has an insufficient quantity of assisted care apartments for low-income seniors. For every available bed, there are approximately 10 seniors on a wait list for available subsidized assisted living facilities. The Maywood project will provide 100 senior apartments with a number of onsite amenities including a commercial kitchen, dining room, resident lounge, game room, movie theater, general store, library, beauty shop, exercise room, wellness room, and a 15-passenger van. Residents will receive 3 meals per day and snacks, assistance with daily living, medication management, housekeeping, laundry and activities. Each unit will receive rent from the occupant of approximately $920 per month with a Medicare subsidy of $3,233 for total revenue of $4,153 per month per unit ($4.7 million annually at a 95% occupancy rate). All of the units are for very low and low-income residents 65 years or older. Rents are subject to the Illinois Department of Healthcare and Family Services formula, currently $81/.27 per day ($3,220 per month) for a single person. Residents will keep $90 each month for personal spending, with the remainder of their income going towards the cost of care.

Contributors

Samuel Weiser Request a Call Ask a Question
Managing Member, Foxdale Management LLC

#OZ fund administration #Opportunity Zones #Qualified Opportunity Zone Business #OZ Investment Platform

Highlights

This is a "shovel ready" project acquiring a previously foreclosed 5 story, 106,313 square foot property on 1.6 acres with the following characteristics:

1) 100 bed Senior Living Facility

2) Eligible for Low-Income Tax Credits, Historical Tax Credits

3) Federal HUD Low Interest Loan eligible

4) All licenses and operating certificates in place

5) Located in a Designated Opportunity Zone Property under Contract.

Purchase commitment for tax credit in place with Fortune 100 company. Approval for HUD financing in place. Equity Investment: $4 million. Estimated Hold Period: 12 years. Investor Expected Liquidation Proceeds: $17 million. Equity Multiple: 4.25x.

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