Project general manager Paric, based in St. Louis, and Environmental Operations Inc. will complete the $3 million demolition of the old hospital that sits on 17 acres. The new complex will include 243 independent living homes, 30 assisted living apartment homes, 15 memory support apartments and a health center that includes 34 private and four semi-private skilled nursing rooms. Construction should start in May, with initial move-ins beginning in September 2011.
It's been difficult to get construction financing for new projects, says Todd Goodrich, a Paric VP. He tells GlobeSt.com that Ashfield was able to tackle the project with 100% bond financing, though requirements were more stringent. "They had an aggressive pre-lease requirement of 85% of units, which they were able to meet," he says.
Though Goodrich says Paric hasn't seen much downturn in volume, he says more owners are going with renovations and repositioning of existing facilities because it's so difficult to get new construction loans to close. The senior housing market is also just like every other commercial venture today, a casualty of the housing market, he says. "People normally have to sell their homes first before they can buy into a senior living community," Goodrich says.
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