Cincinnati Senior Housing Project Gets $24M
- Oct 15, 2019
Shepherd Industries has received $23.7 million in debt and equity for the development of Airy Hills at North Bend Crossing, an 82-unit senior living community in Cincinnati. The project represents the third and final phase of a development launched in 2004, according to Cincinnati Business Courier.
NorthMarq Senior Vice President Noah Juran secured $18.2 million in construction debt and $5.5 million in equity, with a 3-year interest-only term. Juran recently secured a $5 million refinancing for a Cincinnati multifamily asset owned by Rookwood Properties.
The Douglas Co. is the project’s general contractor. According to NorthMarq, the developer will start construction immediately and completion is slated for the last quarter of 2020 or early 2021.
The community will be located at 5150 N Bend Crossing in the Monfort Heights neighborhood, next to Renaissance West at North Bend Crossing and across the street from a Sam’s Club. The 3-acre property is adjacent to Interstate 74, roughly 9 miles northwest of downtown Cincinnati. The closest hospital is Mercy Health West, located 2 miles southeast.
Designed by architecture firm Tisley & Associates, the senior living facility will consist of 31 assisted living units, 32 memory care units and 19 rehabilitation units. Charter Senior Living will manage the property, Cincinnati Business Courier shows.