Chicago Construction News staff writer
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.
The 45 unit project is geared to adults aged 55 and over.
The development will have one- and two-bedroom apartments across a four-story building designed to achieve Green and Net-Zero certifications. Amenities will include a fitness center, theater room and community garden.
The two-acre site is just north of Interstate 88, adjacent to Drexler Park and 27 miles south of Rockford.
Project financing includes nine 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.