A partnership between Shelbourne Healthcare and Cedarhurst has secured construction financing for the development of Shelbourne at Chesterfield, a 150-unit senior housing project in Chesterfield, Mo.
Greystone worked on behalf of the joint venture to secure the $35.9 million construction loan. The mortgage is funded by a large regional bank and features a five-year term.
Shelbourne Healthcare acquired the 8.2-acre land in 2018 for $4.4 million, public records show. Moseley Architects heads the design of the senior housing project.
Located at 805 Chesterfield Center, the project will feature 96 independent living, 37 assisted living as well as 17 memory care units. Totaling 187,263 square feet, the senior living facility will include studios as well as one- and two-bedroom units.
The development is on the southwestern edge of Chesterfield Mall, within walking distance of Central Park, home to the Chesterfield Amphitheater. Downtown St. Louis is roughly 22 miles east of the senior housing project.
The Greystone Senior Housing Capital Markets Team that facilitated the transaction included Managing Directors Matt Miller and Tyler Armstrong. In July, Greystone Managing Director Fred Levine originated funding totaling $36.5 million for a portfolio of skilled nursing facilities in North Carolina.