(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).

PLEASANTON, CA-Continuing Life Communities has signed a $250 million construction loan for Stoneridge Creek Pleasanton, its newest continuing-care retirement community. According to Justin Wilson, COO of CLC, the construction loan represents one of the largest non-governmental construction loans signed since the beginning of the economic downturn. Bank of America is leading the syndicate financing for the 46-acre CCRC in the San Francisco East Bay community. CLC tells GlobeSt.com that the loan is a standard three-year construction loan and that the Weitz Co. will head up the construction effort, working with Douglas Ross Construction Inc.

Infrastructure construction for the community, which began last October, is well under way, and above-ground construction is scheduled to start in early April. When completed in the second half of 2013, the property will offer 635 independent-living residences, 68 assisted-living apartments with a dedicated memory-support area and 73 skilled-nursing beds. Hiring of key personnel, including the executive director and other administrators for Stoneridge Creek, is expected to start this fall. The new community will employ approximately 450 people overall when fully operational.

“We are excited to complete this construction loan for Stoneridge Creek,” says Wilson. “We’ve been working on the entitlement process for nearly seven years, and now look forward to working on additional communities we have in the pipeline. Although it is extremely difficult to entitle and build a CCRC in California, the end product is worth the wait.”

Seventy-five percent of the homes in Phase I have already been reserved, and because of the high demand, Phase I has been expanded 30% to 415 independent-living homes, says Troy Bourne, VP of CLC and the onsite marketing director for Stoneridge Creek. CLC’s program features a comprehensive package of services, amenities, activities, fine dining and transportation in addition to long-term care. Nursing care is provided in an adjacent skilled-nursing and assisted-living center that is professionally staffed 24 hours a day.

The completed community will offer several restaurant venues, a library, billiard and card rooms and a computer lab and business center. Other onsite amenities include a spa and fitness center, open-air pool, steam room and spa terrace, a performing-arts theater for musical and theatrical performances, a movie theater and an art studio and woodworking shop. Outdoor recreational amenities include tennis courts, short-game golf course, dog park, walking and cycling trails and bocce and croquet courts.

Wilson says that no other CCRC offers the program that CLC includes, featuring a high repayment with long-term care included, as well as the financial protection of a debt-free community. “Seniors looking to retire clearly value this unique combination of benefits. We look forward to bringing new communities online as we work through the extended entitlement process elsewhere.”

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.