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

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Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].

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