Case StudiesDevelopers and Advisors for
Quality Affordable Housing Development
Assisted Living 

The Glen at Belvidere

Asburton Grove, LLC

Joint Venture of non-profit and private developer

Major Funding Partners:
Federal Housing Administration
IHDA- Illinois Housing Dev. Authority
FHLB Chicago
Boone County

Belvidere, IL

120 unit supportive living facility with dining room, wellness room with exercise equipment, a reading room and activity rooms.

Development Cost:

Finance Sources:
FHA mortgage insurance
Federal stimulus funds – TCAP and 1602
FHLB grant
$1 per year land lease
CDBG for water/sewer extension

The Glen at Belvidere is a 120-unit supportive living facility (SLF) for the elderly that provides a full range of services that allows individuals to remain independent and stay out of nursing homes. As an SLF, the community is available to persons of all incomes. The supportive services include 24-hour supervision, 21 meals per week, medication reminders and health assessments, and a full flight of recreational and social programming. The Laubacher Company is part of this property’s ownership group. 

The Laubacher Company was the project’s development manager and financing coordinator. Our roles included: guiding the relationship with Boone County that resulted in a $1 per year land lease and a successful $600,000 CDBG grant application to extend water and sewer service to the site; negotiations with the Federal Home Loan Bank of Chicago that resulted in a $360,000 grant; acting as owner’s liaison on the FHA insured mortgage underwriting process; and converting a tax credit allocation to $10 million of funding from the 2009 federal stimulus bill, the American Recovery and Reinvestment Act. We also managed all budgets and forecasts and were the primary liaison with all development team members, including the legal team during the closing process. This property opened for its first resident move-ins during April 2011.