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
120 unit supportive living facility with dining room, wellness room with exercise equipment, a reading room activity rooms.
FHA mortgage insurance
Federal stimulus funds – TCAP and 1602
$1 per year land lease
CDBG for water/sewer extension
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.