Indianapolis based and minority owned Development, Acquisition, and Management firm, DTM Real Estate, announces the development of Lakeshore Manor in East Chicago, Indiana. This newly constructed development will be comprised of two sites located along both sides of Main Street and 136th Street in the North Harbor Redevelopment Area. In addition, the City of East Chicago has several planned public improvements to augment the numerous area improvements already completed.
“We are so pleased to be a solution to a senior housing need in East Chicago Indiana. We believe that good, safe housing is the first line of defense to Good healthy and healthier outcomes. We are confident this project will be A benefit to seniors in the community for many years.”
Lakeshore Manor’s newly constructed buildings will replace the John B. Nicosia building which previously served the senior community. This 4% tax credit development will be 100% Project Based Voucher supported, with rents restricted to 60% of the area median income. Lakeshore Manor will include 199 one-bedroom units and 7 two-bedroom units, totaling 206 age restricted units.
DTM’s Lakeshore Manor project has some great partners that include The East Chicago Housing Authority, Merchants Capital which provided both the bridge and permanent FHA 221(d)(4) mortgage loans and Cinnaire providing $21.7MM in LIHTC equity. Other key partners include: IHCDA, Anne Mannix of Housing Matters, Meticulous Design & Architecture, Alston Construction, Kuhl & Grant, Taft Law, DOZ and Continental Management.
Lakeshore Manor’s anticipated completion will be early 2024.