Evergreen Real Estate Group announced the completion of Green Oaks of Goshen, a four-story, 120-unit assisted living community for low-income seniors in Goshen, Indiana. Evergreen Construction Company, a division of Evergreen Real Estate Group, served as general contractor on the project, which recently welcomed its first residents and is currently 50% leased.
Located at 282 Johnston Street, approximately a mile north of downtown Goshen, the $30 million project replaces a vacant 3-acre lot on the city’s north side, near an existing Salvation Army building and retail along Main Street. The state-licensed community is operated by Gardant Management Solutions, a Bourbonnais, Illinois-based firm that manages assisted living properties across the country. Through its construction and now permanent operations positions, the project has created more than 100 jobs and investments in the local community.
“We were honored to work with Goshen officials and other project partners to realize our vision for this new affordable assisted living community,” said Steve Rappin, CEO of Evergreen Real Estate Group. “Green Oaks of Goshen provides critical housing for low-income seniors, ensuring they can remain in the area while receiving personalized care that improves their physical, mental and social well-being. Our mission at Evergreen is to transform communities and improve lives, and we are truly seeing this in action as we celebrate this grand opening and welcome the first residents into their new homes.
“Looking ahead, we plan to pursue additional assisted living projects of this type to address the housing needs of our country’s aging population,” said Rappin. “This development will serve as a model as we look to expand our portfolio into additional supply-constrained markets.”
On-site amenities at Green Oaks of Goshen include a community room with kitchen; private dining room; media and theater room; computer room; meeting room; fitness center; salon; library; community garden; and outdoor area featuring a pond, courtyard and pavilion.
Each residence features a kitchen with an electric range and MicroFridge® refrigerator/freezer/microwave all-in-one appliance, as well as a full private bath with grab bars, a raised toilet and wheelchair-friendly, roll-in shower. Apartments also have individually controlled heating and air conditioning and an emergency alert system.
Additionally, Gardant’s certified staff delivers around-the-clock service, including assistance with personal hygiene and other daily living activities; medication administration; ongoing health monitoring; housekeeping; three daily meals plus snacks; and transportation to medical appointments and other off-property destinations. Residents also benefit from opportunities to socialize with family, friends and new neighbors as well as participate in regular programs and events.
The Indiana Housing and Community Development Authority (IHCDA) authorized 4% Low Income Housing Tax Credits (LIHTC) in support of the project. In addition, the city of Goshen issued tax exempt bonds that were sold by Piper Sandler, providing debt financing. Affordable Housing Partners (AHP) also invested in the project, providing Low-Income Housing Tax Credit (LIHTC) equity.
Green Oaks of Goshen is Evergreen’s first affordable assisted living development in Indiana, one of two the firm currently is developing in the state. The second is Green Oaks of Valparaiso, a three-story, 120-unit assisted living community for low-income seniors in Valparaiso that is scheduled to open in April 2024.
