Mainstreet Property Group and Trilogy Health Services recently announced a strategic agreement to develop senior care campuses in key markets throughout Indiana, Michigan and Ohio. Under this agreement, Mainstreet will underwrite and develop six to eight properties per year for Trilogy through the year 2012. Mainstreet has already funded and developed several like properties in Indiana and has plans to develop an additional five campuses in 2009 for its clients. The company’s first 2009 project broke ground in Lafayette, Indiana and will house a 17-acre, 108 unit campus in a combination skilled nursing / assisted living facility, and 30 units in a separate memory care / Alzheimer’s facility. During phase two of the development project, there are plans to add an additional 40 to 60 independent living units to the campus.
“A tougher economic climate means commercial loans are not as readily available as they were just a few years ago,” said V. Edward Grogg, president of Mainstreet Property Group. “Tougher times drive tougher loan scrutiny- that is where Mainstreet excels. Repeatedly we hear from our lenders that they appreciate the opportunity to do business with us, because of our careful and efficient development process.”