Carlsbad, Calif.-based Continuing Life Communities, a developer and operator of several continuing care retirement communities (CCRCs), recently signed a $250 million construction loan for its newest CCRC, Stoneridge Creek Pleasanton in Pleasanton, Calif.
The loan represents one of the largest non-governmental construction loans signed since the beginning of the economic downturn, according to Justin Wilson, chief operating officer of Continuing Life Communities.
Bank of America is leading the syndicate financing for the community, which is being developed on 46 acres of land in the San Francisco East Bay area. BofA is providing a $19 million loan for the community’s health center, and is leading the financing effort along with four other banks—two regional, two national—with a $231 million loan for the independent living development.
Stoneridge Creek will offer 635 independent living residences, 68 assisted living apartments with a dedicated memory support area, and 73 skilled nursing beds. CLC broke ground on the development last October, and says construction is “well under way” on the community’s infrastructure, with above-ground construction expected to begin in early April.
There’s already demand for the nascent community.
“Seventy-five percent of the homes in Phase I have already been reserved, reflecting a strong interest in the community and the lifestyle it will offer,” Wilson said in a statement. “The demand was so strong that we just decided to expand the initial phase by more than 30 percent. No other CCRC offers the program we include—a high repayment with long-term care included, and the financial protection of a debt-free community. Seniors looking to retire clearly value this unique combination of benefits.”
CLC’s program will feature a comprehensive package of services, amenities, activities, fine dining, and transportation, with long-term care included. Nursing care will be provided in an adjacent skilled nursing and assisted living center, which will be professionally staffed 24 hours a day.
In addition to several restaurant venues, the community will also include a library, billiard and card rooms, computer lab, business center, spa and fitness center, open-air pool, steam room, and spa terrace, a performing arts theatre, movie theatre, art stdio, and a woodworking shop. Outdoor amenities include tennis courts, a short-game golf course, a dog park, bocce and croquet courts, and walking and cycling trails.
“Because of the success of this project, Phase I has been expanded to 415 independent living homes,” said Troy Bourne, vice president of CLC and onsite marketing director for Stoneridge Creek. “Completion has been set for the second half of 2013, with the first Stoneridge Creek residents expected to move in shortly thereafter.”
Written by Alyssa Gerace