RED Closes a Second $13.8 Million Balance Sheet Construction Loan with Avanti Senior Living
ORIX Subsidiary Continues Strong Growth in Construction Loans of Seniors Portfolio
Columbus, OH – June 19, 2015 – (RealEstateRama) — Red Capital Partners, LLC, the proprietary debt and equity banking arm of comprehensive capital provider RED CAPITAL GROUP, LLC, recently completed its second $13.8 million Balance Sheet construction loan to an affiliate of Avanti Senior Living.
Avanti at Flower Mound will be a 90-unit Luxury Assisted Living and Memory Care facility located in Flower Mound, TX, an affluent suburb of Dallas. The community will consist of 50 assisted living units and 40 memory care units. Avanti Senior Living has partnered with an affiliate of Iron Point Partners to develop a portfolio of Class A senior living communities throughout Texas and the southeastern United States. Avanti at Flower Mound is the third project to break ground.
The community will feature many modern technological solutions aimed at improving care, lifestyles and accountability. The buildings will have special lighting designed to mimic the lighting you would see throughout the day, which helps residents with Alzheimer’s or dementia with their orientation. In addition, Avanti at Flower Mound will have electronic health records (EHRs), radio frequency identification (RFID) door locks, point-of-care devices for staff and extra monitoring for memory care residents.
To better integrate health care with senior living, Avanti at Flower Mound will have a telehealth room, as well as its own medical exam room. The community will also feature an exercise room with a ballet bar, around which Avanti designed a whole program to build strength and balance.
Tim Hekker, Co-Founder and Chief Executive Officer, Avanti Senior Living has shared, “It has been an honor to work with RED once again. We have had a long lasting relationship with them so we are thrilled that they have financed our third community.”
Lori Alford, Co-founder and Chief Operating Officer, Avanti Senior Living stated, “We love that RED shares the same passion for innovation and their understanding of the senior housing space has made them great partners on this deal. We truly appreciate their loyal and trustworthy leadership; the entire team has been a pleasure to work with and we look forward to an ongoing relationship.”
Kathryn Burton Gray, Senior Managing Director for RED said, “We are pleased to continue our relationship with Avanti Senior Living as we believe that Avanti’s communities will not only provide a higher level of service and care to their clients, but they will be among the most technologically advanced in the country.”
James Scribner, Managing Director for RED said, “We are excited to be working Avanti Senior Living on a second transaction. RED has a long-standing relationship with the principals of Avanti and is looking forward to continue to financing their growth over the coming years.”
Source: RED Capital Group
