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SANTAFE CLOSES FINANCING, STARTS CONSTRUCTION ON $143 MILLION PROJECT

In November 2011, SantaFe Senior Living successfully closed on $143 million in financing to develop a startup continuing care retirement community (CCRC) called The Terraces at Bonita Springs. Located in Bonita Springs, Fla., The Terraces will be a 383,000-square-foot CCRC that includes 144 one-, two- and three-bedroom independent living apartments. The community will also include 48 assisted living, 40 skilled nursing and 18 dedicated memory support residences. Construction officially began Nov. 4, 2011.

Greystone is serving as development consultant. Click here to learn more about The Terraces at Bonita Springs.

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CRESTVIEW OPENS PHASE I, FINANCES PHASE II

On Nov. 4, 2011, Methodist Retirement Communities (MRC) held a celebration to honor the grand opening of Phase I of Crestview Retirement Community’s redevelopment. This first phase included the construction of 48 assisted living suites, 18 memory support suites and a health center with 48 skilled nursing beds. Crestview is located on 14 acres in Bryan, Texas.

In December 2011, MRC closed on a $28,295,000 non-rated bond issue to finance Phase II of Crestview’s redevelopment. Proceeds from these bonds will be used to construct 92 independent living units and additional commons areas. The independent living units were 100 percent sold prior to the bond issue.

Greystone has served as development consultant through both phases of Crestview’s redevelopment. Click here to learn more about Crestview.