AHEPA Management Company, Inc. Announces Financing Closed for New Affordable Assisted Living Facility in Mishawaka, IN

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MISHAWAKA, IN — AHEPA Management Company recently closed on the financing for a new Mishawaka, IN Affordable Assisted Living Facility (AALF). With a future address of 1540 S. Logan Street, Mishawaka, IN (formerly known as 1128 W. Dragoon Trail), the new project, Hellenic Senior Living of Mishawaka, is estimated to take 16 months for construction, with an estimated completion date of Second Quarter 2020. The project owner is Hellenic Senior Living of Mishawaka, LLC.

The architect for the property is Gleason Architects of Sugar Grove, IL. Gardant Management Solutions of Bradley, IL is the property management company/operator and Shiel Sexton of Indianapolis is the general contractor. The property will be built to meet the Bronze Rating under the National Green Building Standards designation.

AALFs are Low Income Housing Tax Credit (LIHTC) properties that receive Medicaid waiver reimbursement payments to pay for the assisted living services provided. Seniors age 62 and older who have an income at or below 60% of St. Joseph County’s area median income are eligible for residency.

Todd Jensen, Director of Development for AHEPA Management Company and Hellenic Development, Inc., said, “The property is well-designed, well-constructed and energy efficient. Given the area’s large population and a strong market study which shows pent-up demand for affordable assisted living in the Mishawaka/South Bend area, we are excited to offer a high-quality, lower-cost assisted living option to low-income seniors in Northern Indiana.”

Combining apartment-style housing with personal care and supportive services, Hellenic Senior Living of Mishawaka will consist of 136 units over three floors. The units are a mix of 55 studio apartments of 350 square feet, and 81 one-bedroom units which range from 514 to 522 square feet. Each unit will have a kitchenette with a combination microwave and refrigerator, sink, counter space and cabinets. All kitchens and bathrooms will allow for a five-foot turning radius for wheelchair use.

Hellenic Senior Living of Mishawaka is situated in a scenic 6.2-acre setting on the edge of a forest. Community spaces will include an activity room, large central dining room, beauty salon, convenience store, library, exercise room, medical examination room and a variety of lounge areas.

The property is conveniently located approximately 2 miles southwest of downtown Mishawaka, 1.6 miles from the nearest hospital, 4 miles from South Bend and 5 miles from the University of Notre Dame. The large scale project should generate direct economic benefits to the city of Mishawaka and the surrounding region. Once stabilized, the facility will employ about 40 full-time equivalent employees.

 

About AHEPA Management Company

            AHEPA Management Company is a wholly-owned subsidiary of AHEPA National Housing Corporation and was established in 1991 to provide on-site property management, maintenance and resident-empowering support services for all AHEPA National Housing Corporation communities serving low income disabled and persons aged 62 and up. Currently AHEPA Management Company, a not-for-profit 501(c) 3 organization, supports 93 apartment buildings throughout the United States including management services for subsidized apartments with outside ownership.

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