Sagewood Life Plan Community Financing & Expansion Construction News
Life Plan Community
Financing and Expansion Construction
On November 23rd, Sagewood Life Plan Community closed on a $107,652,000 refinancing of the existing mortgage and construction financing for community expansion provided by Bank of America as lead lender. The expansion of Sagewood consists of 24 higher-end casita and townhome Independent Living Units, 44 Assisted Living Units, and an auditorium. To date, 15 of the 24 casitas have been presold. Construction began in December. Sagewood is currently 96% occupied.
Sagewood LPC is a joint-venture partnership among Westminster Fund VI LP (11.5%), Westminster CCRC Investors LP (39.5%), Westminster CCRC Investors II LP (34%), and Life Care Services LLC (15%). The community is located at 4555 East Mayo Boulevard, Phoenix, Arizona just west of Scottsdale, 1.25 miles from Mayo Clinic Arizona. For additional information about the community visit www.SagewoodLCS.com.
About Westminster Capital
Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $748 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.