Gorman & Co. has completed the renovation of Carolyn Mosby Senior Living Community, a 142-unit fully affordable and age-restricted community in Gary, Ind.
The eight-story building that originally served as public housing dates back to the 1970s. The public-private partnership between the Gary Housing Authority and Gorman started the rehabilitation project last year. The community serves residents 55 and over, earning 30, 40 and 60 percent of the area median income.
The owner utilized Section 18 of the U.S. Housing Act of 1937 for the overhaul project. Financing was provided by Merchants Bank, Merchants Capital and Zions Bank, while Boston Financial served as the equity partner. According to Yardi Matrix data, the Indiana Housing & Community Development Authority provided financing totaling $13.5 million, while GHA contributed a $4.8 million loan.
Gorman picked up the asset from GHA in 2022, the same source shows. The property is subject to a 99-year unsubordinated net ground lease held by GHA.
The community incorporates one- and two-bedroom floorplans. Common-area amenities include a community room, an elevator, laundry facilities, controlled access and approximately 35 parking spaces. Renovations include both interior and exterior upgrades. The now energy-efficient building received improvements to the common areas, plumbing and electrical systems.
Located at 650 Jackson St., the property is near Interstate 90 and Route 20, which provide direct access to downtown Chicago. Gary/Chicago International Airport and Indiana University are within a 4.5-mile radius of the community.
