U.S. Bank and InnovAge have closed on a $22.4 million financing package that paves the way for the construction of InnovAge Senior Housing-Thornton, a 72-unit senior housing apartment building in Thornton, approximately eight miles north of Denver. Development of the project is currently underway. The property will open by June 2014.
“The senior population in Thornton is growing rapidly, outpacing growth in both the Denver metropolitan area and across the country,” said Hassan Salem, Denver market president for U.S. Bank. “InnovAge Senior Housing-Thornton will help fill a void of limited housing that targets seniors, while fostering independent living in a community environment.”
U.S. Bank’s commitment to the project includes more than $9.6 million of Low-Income Housing Tax Credit (LIHTC) equity through its community investment subsidiary U.S. Bancorp Community Development Corporation (USBCDC) and more than $12.8 million of loans, most of which is bridging the LIHTC equity during construction. LIHTCs, which were allocated by the Colorado Housing and Finance Authority and are being capitalized by USBCDC, subsidize the cost of the development, allowing the housing units to be rented at below-market, affordable rates to eligible seniors.
“We’re dedicated to making personalized senior care decisions simple and affordable,” said Maureen Hewitt, chief executive officer of InnovAge. “Combining our existing healthcare, home care and support services with affordable housing options increases our ability to help aging adults continue to live in their communities with dignity and independence. We appreciate U.S. Bank’s support of our efforts.”InnovAge Senior Housing-Thornton is the organization’s first ground-up construction of an affordable, independent senior housing development. InnovAge also operates an affordable senior housing community in Aurora, CO. The Thornton development is the nonprofit’s first partnership with U.S. Bank. The City Council approved InnovAge’s conceptual site plan in July of last year.