Gardner Capital has acquired West Dundee, Illinois-based Spring Hill Senior Residences, a senior living complex. No financial terms were disclosed. The Housing Authority of Elgin served as Gardner Capital’s development partner along with financial partners Fifth Third Bank and Raymond James. And, the Illinois Housing Development Authority is the permanent lender.
DALLAS, Aug. 13, 2020 /PRNewswire/ — Gardner Capital, a family-owned private equity firm specializing in multifamily housing and renewable energy development and investment, recently completed a brand-new senior living complex in suburban Chicago – located in West Dundee, Illinois. Offering affordable housing and a wealth of amenities, the 61 units at Spring Hill Senior Residences are designed for residents age 55 and up.
Spring Hill Senior Residences – West Dundee, Illinois
The Housing Authority of Elgin served as Gardner Capital’s development partner along with financial partners Fifth Third Bank and Raymond James; the Illinois Housing Development Authority is the permanent lender.
“We’re excited to complete Spring Hill Senior Residences, our first of multiple Projects that will be focused on various suburban markets of the Chicagoland area,” said Michael Gardner, President and CEO of Gardner Capital. “Affordable housing is sought after more than ever and we are proud of our commitment to developing more options for seniors seeking an affordable and well-designed place to live.”
Located at 969 W. Main St. across the street from the Spring Hill Mall, the one- and two-bedroom apartments are close to Route 72 and public transportation. Spring Hill Senior Residences, managed by Seldin, also feature a fitness center, community room, reading area, and full-size washer and dryer in each unit. Powers and Son Construction served as general contractor for the project.
About Gardner Capital
Gardner Capital is a private equity firm with multiple operating businesses focused on affordable housing and renewable energy development, tax credit syndication, and real estate-related investments with offices in St. Louis, Dallas, Houston, and Orlando. Since 1992, Gardner Capital has placed more than $3 billion of equity in affordable housing and related investments. In recent years, Gardner Capital added a rapidly growing national platform for solar development and investment and expanded its commitment to renewable energy and sustainability across its investment platform and operating companies. Gardner Capital is committed to investing in communities and improving the wellbeing of families by developing, investing and raising capital for affordable housing and clean energy-related businesses.
Visit www.gardnercapital.com for more information.