Carmel-based Mainstreet Property Group plans to build a $13.4 million, 100-bed, short-stay and assisted living “medical resort” facility on Ind. 48. The company hopes to raise about 11 percent of the project’s cost through a crowdfunding-inspired round of fundraising. American Structurepoint Inc. | Courtesy image
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At a glance
Mainstreet Property Group may try to raise money in the spirit of crowdfunding for its planned project west of Bloomington, but it can’t take money from just any old investor.
The Carmel-based company needs accredited investors with a net worth of at least $1 million, not including the value of their homes. Or accredited investors need income of more than $200,000 a year for two years. Or married couples need joint income exceeding $300,000.
Mainstreet will host an information session in Bloomington for registered accredited investors May 13. Visit www.buildmainstreet.com for more information.
The company connected to an Indiana General Assembly ethics flap plans to use a new crowdfunding-inspired mechanism to help it build a rehabilitation facility west of Bloomington.
Carmel-based Mainstreet Property Group plans to break ground on a $13.4 million, 100-bed short-stay “medical resort” in early May. It hopes to raise about 11 percent of the project cost, $1.5 million, through a direct-investment initiative that’s similar in spirit to crowdfunding.
The project will be the first time Mainstreet has used such crowdfunding-style channels to raise money for a project. The facility will also be the first Mainstreet has built in the Bloomington area.
The company, which has developed more than $200 million in senior facilities, is connected to an ongoing stir over ethics in the state Legislature because it is partially owned by House Speaker Pro Tem Eric Turner, R-Cicero. Turner publicly abstained from voting and commenting on a proposal to ban construction of new nursing homes for five years during Indiana’s most recent legislative session. But he reportedly worked against the ban, which did not become law, behind the scenes.
Ethics rules prohibit lawmakers from acting in the General Assembly in ways that would directly benefit them or their families. The House Ethics Committee will investigate Turner’s efforts to stop the ban.
Turner, who the Associated Press reported earned almost $8 million selling nursing homes in the past two years, has denied doing anything wrong. He has said the proposed Indiana ban would not have affected his business because Mainstreet would have moved its development efforts to other states.
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