AUDIO: Cain Brothers and KeyBank, Recognizing a Need, Financing Affordable Long-Term Care Facilities

Lee Delaveris, left, vice president, seniors housing & healthcare, KeyBank Real Estate Capital, and Joseph P. Mulligan, managing director of Cain Brothers

MISHAWAKA, IN—As baby boomers age, healthcare and housing are becoming critical needs, but the costs continue to soar out of reach of many retirees. A cost-of-care study by Genworth Insurance puts the annual cost of an assisted living facility around $48,000, but Census figures suggest that as much as 10 percent of the over-60 population is living below the poverty line.

KeyBank Real Estate Capital and Cain Brothers recently worked together to secure financing for the construction of Hellenic Senior Living of Mishawaka, an affordable assisted living facility in Mishawaka, IN, targeting seniors who earn 60 percent or less of the area median income. As previously reported by GlobeSt.com, the project is designated as an Affordable Assisted Living Facility, or AALF, which 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.

You can hear the complete audio interview with Lee Delaveris of KeyBank and Joseph P. Mulligan of Cain Brothers in the audio player below. If you do not see an audio player, click here to listen to the interview.