Lake View Terrace Senior Living Community, a new senior living community in Boulder City, Nevada, celebrated its grand opening last month that includes 66 new units. The project was funded by the Recovery Act through the U.S. Department of Agriculture loan guarantee programs and includes studio and one-bedroom apartments that overlook Lake Mead. Nevada Senator Harry Reid, USDA Deputy Secretary Kathleen Merrigan and Congresswoman Dina Titus were together to cut the ribbon at the grand opening ceremony
Owner of Lakeview Terrace Gary Lanzen shared that the financing to repurpose a former restaurant into the 66 unit independent and assisted living facility was progressing until the Wall Street credit crisis emerged. It was not until USDA Rural Development was included as a partner to guarantee the $7.1 Million loan made by First International Bank that the project could move forward. Fifty jobs were created during the construction period, and thirty-five permanent jobs will be associated with the facility when it is fully occupied.
“This new facility benefits Nevada seniors by providing a clean, safe living community, and benefits Nevada’s economy by putting 35 Nevadans back to work,” Reid said. "In Nevada, the Recovery Act has created or saved nearly 30,000 jobs – and as more projects like this get underway, it will put even more Nevadans back to work. This facility is a perfect example of what happens when we invest in projects that are designed to create jobs and get our state’s economy back on track.”