Heavenrich & Company Announces Groundbreaking On 2 New Senior Housing Developments

Chicago, IL, October 2, 2013 -- Heavenrich & Company, Inc., serving as exclusive advisors to a $100 million equity fund dedicated to new construction of senior housing, announced that the fund has executed $26 million in letters of intent for two separate to-be-built facilities in Houston, Texas and Athens, Georgia.

The first project is a 94-bed memory care facility in the Cypresswoods area of Houston to be developed and operated by StoneGate Senior Living. The facility will be licensed both as assisted living and skilled nursing. The Cypresswoods project will be adjacent to StoneGate’s Villa Toscana skilled nursing and rehabilitation facility. The 68,484 square foot Cypresswoods  facility will offer 26 private rooms, 20 two-bedroom suites, and 14 private rooms that have been expanded to accommodate 28 semi-private beds in double occupancy rooms. The building site is located on 4.48 acres of land that is part of an 80 acre medical campus. StoneGate believes that it is the only facility in this market that combines one campus with skilled nursing, rehabilitation and specialized adjacent memory care. Specifically, the Cypresswoods facility will serve high acuity, atypical dementia and short-term rehab. The groundbreaking is scheduled for the end of October 2013.

The second project is a 60-unit, assisted living and memory care facility to be located in Athens, Georgia, approximately 50 miles East of Atlanta. The facility will offer 42 units of assisted living and 18 units of memory care. It will be operated by Thrive Senior Living with Cornerstone as development partner. Athens is a vibrant city and is home to University of Georgia. The new facility will be located in Thrive’s backyard and will give the management company a showpiece location. Groundbreaking is scheduled for March 2014.

Heavenrich & Company has formulated several capital construction funding programs for leading senior living operators. They offer programs to minimize operator risk while maximizing operator’s risk-adjusted returns, both in terms of cash flow and capital appreciation. The programs are highly flexible, allowing for operators to work with their own developers, architects and contractors or with Heavenrich’s  seasoned partners. Based on the project size and overall needs of the operator, Heavenrich will help identify the best fit for each new development.

Heavenrich & Company is a financial advisory company serving independent, assisted living, Alzheimer and skilled nursing organizations. Since 1994, Heavenrich has advised public and privately held for-profit and non-profit healthcare organizations in mergers, acquisitions and finance. Heavenrich & Company is headquartered in Chicago.

For more information, call Adam Heavenrich at 312.558.1590.