An affordable assisted living community is going up in Mishawaka, Indiana, thanks in large part to a tax-exempt bond issue managed by Cain Brothers. Developed at a cost of approximately $28 million, or $205,900 per unit, the community will feature 55 studios and 81 one-bedroom units for residents whose household income does not exceed 60% of the area median income. The going Medicaid waiver rates range from $2,881 for a studio to $3,378 for a one-bedroom unit through Indiana’s Home and Community-Based Services Medicaid Waiver Program.
In addition to the $18.5 million bond issuance at a fixed rate of 5.75%, the project received $9.3 million in Low-Income Housing Tax Credit equity from NDC, a not-for-profit equity partner of affordable assisted living communities across the country. AHEPA National Housing Corporation will own the community, while Gardant Management Solutions will operate it.