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Firm Plans $145M Retirement Community

READING, PA-With nearly $17 million in mezzanine financing, American Heritage Communities begins sales of the Heritage of Green Hills.

By Marita Thomas | Updated on July 14, 2006

READING, PA-Edison, NJ-based American Heritage Communities has obtained nearly $16.6 million in mezzanine financing for development of the Heritage of Green Hills, a 619-unit continuing care retirement community it plans for 78 acres at 10 Tranquility Lane. Philadelphia-based Grosvenor Investment Management US Inc., formerly Legg Mason Real Estate Services, provided the funding.

The loan capitalizes acquisition of the project’s 78 acres, site development and other up front costs. The full development cost is estimated at $145 million and will progress in three phases, Kristin Kutac, EVP of marketing and sales for American Heritage, tells GlobeSt.com.

“All zoning and approvals are in place,” she says, “and we will open a sales center at the site in September. We are required to sell 70% of the first phase before breaking ground,” she adds the projects groundbreaking are in winter 2008. Phase I will consist of 242 apartment units and 16 villas. “We have contracts for 35 units,” she says. Phase II will add another 242 apartment units, and Phase III will include a healthcare center and 24 villas.

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