Lincoln Avenue Communities has broken ground on Willis Senior Lofts, a 60-unit fully affordable senior community in Rochelle, Ill., in Ogle County. Completion is scheduled for the spring of 2025.
Project financing includes 9 percent LIHTC, a first mortgage and $4.9 million in soft funds from the Illinois Housing Development Authority and 45L energy efficiency credit equity. CREA purchased both the LIHTC and 45L credits, while Chase will provide a construction loan.
The property will comprise 45 units restricted to tenants making less than 60 percent of the area median income and 15 units restricted to individuals earning up to 30 percent of AMI. All residences will cater to adults aged 55 and over.
Upon delivery, Willis Senior Lofts will have one- and two-bedroom apartments across a four-story building that was designed to achieve Green and Net-Zero certifications. Amenities will include a fitness center, theater room and community garden.
Located at 400 Willis Ave., the 2-acre site is just north of Interstate 88, adjacent to Drexler Park and 27 miles south of Rockford, Ill. The property is less than 2 miles from central Rochelle and roughly 2.5 miles from the Rochelle Community Hospital.
Lincoln Avenue Communities, a subsidiary of Lincoln Avenue Capital, currently operates a portfolio of more than 22,000 units across some 120 properties in 26 states. Earlier this month, the firm broke ground on a 252-unit income-restricted project in Reno, Nev.
