Upscale Atlanta Senior Housing Project Receives Financing
- Dec 20, 2018
Village Park Senior Living received $86 million in financing to develop the first phase of a new high-end senior living development in Atlanta’s Buckhead submarket.
SunTrust Bank provided the financing for the planned upscale project, which will be located in the affluent Paces neighborhood, just west of Buckhead. Once finished, the $300 million Village Park Places community will feature a full continuum of care with independent living, assisted living and memory care.
“The community will be well positioned within the Paces market to reflect the lifestyle of aging seniors that reside within the area,” Tim Gary, Village Park Senior Living’s CEO, told MHN. “This community will provide the highest level of service that will be apparent upon initial arrival to the front entrance.”
The nine-acre property will boast French-inspired architecture, groomed courtyards, a movie theater, flower shop, library, wine bar, sports bar and other unique amenities. The first phase of the project is scheduled for completion in the fall of 2020.
Tight Development Market
During phase one of the three-phase development, 204 of the 600 units will be built, as well as common areas. Village Park Places will feature a full continuum of care, consisting of 82 independent living, 75 assisted living and 26 memory care units. It will also include 21 City Homes with separate access and small gardens with patios.
“Future residents will be greeted with a valet service and a doorman to assist residents to their units with luggage or groceries,” Gary said. “Once in the community, luxury destinations and experiences such as a wine bar, bistros, sports bar, movie theatre, courtyards, bakery, cafes, multiple restaurants for dining, fitness facility, spa and salon, pool, game rooms, community rooms, and beautiful gardens with numerous outdoor resting areas will be available.”
Recent research by Village Park Senior Living revealed that the Paces market is underserved with significant barriers to entry to due limited land available and cost to enter the market. According to Gary, the company expects to provide a much-needed product and service for the community.
“The Atlanta population is booming,” Gary said. “Many professionals are moving to the city and bringing their parents along with them. This community will deliver on the highest quality of service and care for our residents while protecting their dignity and lifestyle.”
SunTrust served as lead arranger on the deal, with extra financing provided by First Tennessee and Pinnacle Bank.
Rendering courtesy of Village Park Senior Living