Enhanced Capital proudly partnered with Fox Valley Developers, LLC to help finance the $118 million redevelopment of the Copley Hospital campus in Aurora, IL. The property, abandoned in 1995, is being redeveloped into an innovative mixed-use community, thanks in part to Enhanced Capital’s investment. Enhanced Capital provided financing through a bridge loan secured by Historic Rehabilitation Tax Credits and contributions from the City of Aurora, Illinois’ Energy Conservation Authorities’ Property Assessed Clean Energy (PACE) program, and equity to monetize Illinois River Edge Historic Rehabilitation Tax Credits.
The redevelopment of the Copley Hospital campus will offer senior housing for those seeking independent, assisted-living, and memory-care options with services provided through Gardant Management Solutions. Additionally, the campus will include an independent apartment community serving adults with developmental disabilities; thoughtfully modeled after similar successful apartment communities across the country. In addition to a 1+ acre park, the campus will also provide office space for healthcare providers and community resources to restore medical services to the area and administrative offices for the East Aurora 131 School District.
The campus will create nearly 500 construction jobs and 228 direct full-time jobs. It has already received significant community support and cooperation from the City of Aurora, Invest Aurora, East Aurora 131 School District, and the Fox Valley Park District.
“We are excited to play a role in the campus’ adaptive reuse and in strengthening the community,” said Ian McCulley, Director at Enhanced Capital. “This investment supports Enhanced Capital’s active mission of job creation, introducing PACE financing to new markets, and making a positive impact through historic preservation.”
The PACE financing provided by Enhanced Capital will allow the campus to incorporate extensive energy efficiency measures in the rehabilitation process. The improvements project energy savings of nearly 13,000,000 kBtu (kilo-British thermal unit) per year and operational cost savings of $126,000 per year.
The campus is in the City of Aurora’s historic Bardwell Neighborhood at 323 Weston Avenue and expects to open in phases in late 2021 and 2022.
About Fox Valley Developers
Fox Valley Developers is an Aurora-Centric group of business leaders who have come together with the shared purpose of preserving, restoring and repurposing the historic campus to transform and renew the Bardwell neighborhood.
The partners in the group are three sets of brothers who all share deep connections to Aurora and have achieved professional success in their respective fields.
After watching the Bardwell Copley campus decay over the past several decades, these life-long friends decided to do something about it and offer the City of Aurora a new path that would deliver immediate results for the community.
Together, they have amassed a team of complementary advisors that have made redevelopment of the campus a reality.