From: Senior Housing News
By: Alyssa Gerace
January 30, 2013
Methodist Retirement Communities Gets Funding, Starts Expansion Project.
Methodist Retirement Communities (MRC) of The Woodlands, in Texas, has secured initial temporary financing enabling it to move ahead with The Crossings, its newest CCRC.
The organization was able to secure $7.6 million in bond anticipation notes (BANS) funding as pre-finance capital, allowing the community to begin pre-marketing efforts and also to move forward with architectural renderings, interior designs, and other development activities. Repayment is targeted for completion in 2014′s third quarter, based on pre-sales of the community’s independent living units.
Geystone Communities will be the project developer, with Perkins+Will as project architect and Weis Builders as general contractor. Faulkner Design Group will provide interior design services, and Ziegler is serving as the lead underwriter.
MRC will manage the property upon completion.
Image provided by Methodist Retirement Communities
