Case StudiesDevelopers and Advisors for
Quality Affordable Housing Development
Non-Profit Joint Ventures 

Heritage Woods of DeKalb

Joint Venture of DeKalb County and Gardant Management Solutions

Major Funding Partners:
Four institutional purchasers of tax-exempt bonds
National Equity Fund
FHLB Chicago
DeKalb County

DeKalb, IL

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

Development Cost:

Finance Sources:
Tax-exempt bonds
4% tax credits with
130% boost
FHLB grant
$1 per year land lease

Heritage Woods of DeKalb is a 76 unit supportive living facility for the frail elderly that provides a full range of services that allows individuals to remain independent and stay out of nursing homes. As a SLF, the facility provides housing for residents of all incomes. The services include 24-hour supervision, three meals per day, medication reminders and health assessments, and a full flight of recreational and social programming. The property is owned by a joint venture of a non-profit created by DeKalb County and Gardant Management Solutions, the leading manager of supportive living facilities in Illinois. 

The Laubacher Company was the project’s development manager and financing coordinator. Our roles included: guiding the negotiations on the joint venture agreement, leading the ground lease negotiations, managing all budgets and forecasts including applications to FHLB and IHDA. We also coordinated the legal team in moving the transactions from term sheets to closing. The
Laubacher Company solicited proposals and negotiated terms with LIHTC syndicators. The Laubacher Company arranged for first mortgagee financing by placing unrated, non-recourse, tax- exempt bonds to the borrowers at a 6.10% interest rate fixed for 35 years.