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265 Lake Shore Dr Bolingbrook, IL 60440

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105-unit senior housing property with LIHTC and HAP agreements.

Property size:
74,047 SF

Property Features for 265 Lake Shore Dr

General Information

Size
74,047 SF

Building Details

Year built
2010

Source: Cody Doran Agent Cody Doran

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

Senior Housing LIHTC Property

McKenzie Falls is a 105-unit senior (62+) Low-Income Housing Tax Credit (LIHTC) property with a size of 74,047 square feet. Constructed in 2010, the property is located at 265 Lake Shore Drive in Bolingbrook, IL, immediately east of Route 53 (Bolingbrook Drive) at Briarcliff Road and Lake Shore Drive. The property was financed via 4% Low-Income Housing Tax Credits, Tax-Exempt Bonds, HOME Funds, and private debt & equity. The property includes an expansive clubhouse for senior residents, featuring a large kitchen and dining area, laundry facilities, and an exercise room. The clubhouse also provides offices for management and a garage/storage area for maintenance supplies, as well as an additional, spacious 2-bedroom unit for maintenance or management. The units are sprinklered. There is ample parking available. The property is professionally managed and has consistently maintained a high level of occupancy. Currently, 32 units are subject to 50% Area Median Income (AMI) restrictions, and 73 units are subject to 60% AMI restrictions. Additionally, 22 units are covered by a Housing Assistance Payments (HAP) agreement, which was recently renewed for an additional 10-year period on July 1st, 2024, and will extend through 2034, while the Land Use Restriction Agreement (LURA) will extend through 2042. McKenzie Falls is located in a Qualified Census Tract (QCT), providing investors the option to resyndicate the asset. The property is adjacent to Walmart. There is minimal deferred maintenance. The property presents an opportunity to assume the current in-place debt or place new financing on the property. The rents are below market.
Location Intelligence

Current Use by Public Records

Senior housing facilities

Suggested Use

Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Bolingbrook
County
Will
State
Illinois
Longitude
-88.0632921
Latitude
41.695732

FAQs

What type of property is this?
Senior housing facility - 105-unit senior housing property with LIHTC and HAP agreements.
Where is this senior housing facility located?
The property is located at 265 Lake Shore Dr Bolingbrook, IL.
What are key features of this property?
This property features: - Strong occupancy history and professional management ensure stable income.; - Attractive financing options available.; - **22 units with guaranteed rental income through July 2034 thanks to a recently renewed HAP agreement.**
More about this property
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