This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Credit Capital, LLC Underwrites $20.22 Million Private Investment To Construct 100 Affordable Apartments For Seniors In Gurnee, IL

SANTA MONICA, Calif., July 7, 2011 /PRNewswire/ -- Credit Capital, LLC today announced that, together with its partner The Richman Group, it has underwritten a $20.22 million private equity investment to construct the 100-unit senior apartment community to be known as Thomas Place - Gurnee located at 401 N. Hunt Club Road, Gurnee, IL 60031.

The $25 million affordable-housing complex is also being financed with a $17.2 million construction loan and $4.25 million permanent loan from the Citibank.

The complex will be developed by the Ryan Companies and James Bergman using federal Low-Income Housing Tax Credits. The Ryan Companies and Bergman sell tax credits it receives on the project for equity to construct the complex in exchange for restricting occupancy for a determined period of time to residents who earn 30 to 60 percent of the average median income in Lake County, IL as defined by the U.S. Department of Housing and Urban Development.

Thomas Place - Gurnee will offer various rental options to qualified seniors: 33 one-bedroom units with monthly rents ranging from $351 to $745 and 67 two-bedroom units with monthly rents ranging from $859 to $900.

The new complex will include several communal amenities for tenants such as a courtyard, library, entertainment, work-out, and storage spaces throughout the facility as well as heated underground parking and salon. The amenities are intended to promote longevity by offering healthy and active lifestyle choices.

Construction commenced July 5, 2011 and completion is scheduled for Spring 2012.

Seniors who believe their incomes may qualify them to rent a Thomas Place - Gurnee unit should contact the complex's management agent: Brian Fritz of Pioneer Property Management at (608) 348-7782. Thomas Place - Gurnee has an identical sister project in Fox Lake, IL at 229 Thomas Lane (847-973-9737) for prospective residents that would like to see what the project will look like. Additional information on Thomas Place - Gurnee including qualifying income limits can also be found on the web at http://www.thomasplaceseniorapartments.com

About Credit Capital, LLC

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,041.54 -190.48 -1.04%
S&P 500 2,104.20 -21.86 -1.03%
NASDAQ 5,032.7510 -56.6110 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs