Sagewood LPC Phase 2 Construction Refinancing News
Life Plan Community
Phase 2 Construction Refinancing
On December 21st, Sagewood Life Plan Community closed on a $180 million construction financing for Phase 2 as well as refinancing of the entire community provided by National Health Investors (NYSE: NHI). Serving the greater Phoenix/Scottsdale area, Sagewood currently consists of 316 Independent Living Units, 44 Assisted Living Units, 28 Memory Care Units and 78 Skilled Nursing Beds. The existing Independent Units approached 100% occupancy in 2018. The loan provided by NHI will fund the construction of Phase 2 expansion consisting of 101 Independent Living Units that are 96% pre-sold. Groundbreaking is planned for January 2019.
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, 2 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 $860 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. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.