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Spectrum Plans $21M Senior Housing Project

AHWATUKEE, AZ-The firm will break ground next month on a 140-unit project with independent living, assisted living and dementia/memory care.

By Jennifer Duell Popovec | Updated on October 27, 2010

AHWATUKEE, AZ-Spectrum Retirement Communities LLC will break ground next month on its second senior housing project in Arizona. The 140-unit rental project, which has a price tag of roughly $20.5 million, will offer independent living, assisted living and dementia/memory care.

The Denver-based firm obtained a $15.44 million construction and mini-perm loan from a local bank to build its newest project, which is located at the southeast corner of 44th Street and Knox Road. The five-loan has a loan-to-cost of 75% and an interest rate of about 6%, according to Cynthia Hammond, president of Churchill Commercial Capital Inc.

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