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Kretchmer Associates

Kretchmer Associates

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Silver Birch Affordable Assisted Living Facilities – Indiana

Vermilion Development receives approvals for affordable assisted living facilities in Indiana

  • Identified the most promising markets for a developer of affordable residential care (assisted living) facilities under a new program in Indiana
  • Met requirements of the Indiana Housing and Community Development Authority (IHCDA)
  • Secured approvals, tax credits, and bond financing for 10 facilities across the state

Silver Birch Michigan City

Requirement

Kretchmer Associates was hired by Vermilion Development to identify locations for Indiana’s Medicaid Waiver assisted living program. Vermilion then retained us to prepare market studies for all of its applications to IHCDA for tax credits and tax-exempt bond financing.

Approach

We analyzed the demographics of the senior population by age and income, focusing on the number of low-income seniors in need of affordable assisted living. We ranked these by county and ZIP code to prioritize opportunities for the developer.

Once areas were selected, Kretchmer Associates prepared comprehensive market studies meeting all of the requirements of IHCDA for tax credits and bond financing. We analyzed the competition, unit mix and sizes, amenities and services, demand, market penetration, and absorption – and made recommendations for right-sizing the projects.

Results

Vermilion received approvals for its projects from the municipalities, received tax credits and bond financing from IHCDA and opened several of these buildings. Some are under construction and some will start construction soon.

“Without a doubt, the success we have experienced in developing our affordable assisted living platform is in no small measure attributable to Kretchmer Associates. Their market analysis on a state-wide level guided us to certain markets, while their insights into particular sites helped define our success. We are working to develop our tenth Silver Birch Living community in the State of Indiana. Valerie and her team are directly linked to that progress.” ~ Darrin Jolas, Vermilion Development

Silver Birch Michigan City
Silver Birch Hammond
Silver Birch Kokomo
Silver Birch Michigan City
Related Projects: Affordable Housing, Developer, Indiana, Senior Housing

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Kretchmer Associates
807 Davis Street #2004
Evanston, Illinois 60201-7103
(847) 864-8895
vsk@kretchmerassociates.com

About Us

Founded in 1985, Kretchmer Associates is a certified WBE with expertise in all aspects of residential, retail, commercial, and industrial real estate analysis in the Chicago metro area and throughout the rest of Illinois, Indiana, Wisconsin, Iowa, Missouri, Kansas, Nebraska, and Minnesota.
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