A joint venture partnership between LCS and The Westminster Funds has completed financing for Trillium Woods, a planned $161 million continuing care retirement community in Plymouth, Minn.
Trillium Woods is the fifth CCRC developed by the joint venture partnership and is one of seven total in the overall portfolio.
LCS-Westminster Partnership V LLP began the process to develop Trillium Woods in 2006, right before the economic downturn.
“Trillium Woods testifies to one of LCS’ core principles; we are diligent and persevering,” said Ed Kenny, president and chief executive officer of LCS, in a statement. “We are delighted to achieve this important milestone.”
The senior living project is 65% debt-financed, with lenders including Bank of America as lead and administrative agent, Bankers Trust of Des Moines, and TCF Bank.
“A project this large requires tenacity putting together a financing package,” said David Laffey, senior vice president and director of capital markets for LCS. “This is an important project to the LCS-Westminster partnership and to the future residents at Trillium Woods. We explored several avenues of capital to complete the optimal financing package.”
The planned Life Care-model CCRC will have 195 apartments and 14 garden homes, with prospective residents able to choose from 14 residential floor plans. The community will feature amenities including an indoor pool, exercise area, library, auditorium, and dining venues, along with a health center that will provide skilled nursing, assisted living, and memory care in private suites.
Work began on the community’s foundation in October, with The Weitz Company as project contractor. Construction on the residential build-out of the retirement community will begin in early spring, and Trillium Woods has an anticipated opening date of Summer 2015.
Written by Alyssa Gerace