RED Capital Closes $20M Loan for Senior Living Facility in Salt Lake City Area
- Sep 09, 2016
Salt Lake City—The banking arm of RED Capital Group, RED Capital Partners LLC, has announced the completion of a $20 million balance sheet loan for the development of Creekside Senior Living, a Class A assisted living and memory care facility in Bountiful, Utah.
The 129-unit property will be located at the foot of the Wasatch Mountains, between Salt Lake City and Ogden.
RED Capital Partners completed the loan for Creekside Senior Living at Bountiful LLC, a joint venture comprising four different entities.
“This has been a remarkable effort by Creekside Senior Living Development Group as the sponsor in bringing all local parties together including the Smith family of Bountiful, along with U.S. Development Inc. of Layton, and Stellar Senior Living of Salt Lake City to realize a meaningful addition to the local Bountiful community,” Kathryn Burton Gray, RED senior managing director, said in prepared remarks.
The facility will be operated by Stellar Senior Living of Salt Lake City. The company’s portfolio includes communities throughout Utah, Idaho, Colorado, Washington and Arizona.
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