EB-5 helps SummerPlace expand into Sacramento area

A joint venture between PDC Capital Group, a private equity group specializing in EB-5 investments for different areas of real estate including seniors housing, and FCM Capital Partners, a seniors housing developer, is soon starting construction on two more assisted living communities under the SummerPlace brand. Roseville, California-based FCM Capital Partners created SummerPlace Living (which is also headed by FCM CEO, Chris Miller) to develop the pipeline and brought in Salem, Oregon-based Mosaic Management to operate the communities. The development pipeline is valued over $750 million and in the next two years will fund the construction of 25 AL/MC communities, mostly in California (but also in other states like Florida, Illinois and Texas), some of which are already open. One property, in West Sacramento, California, begins construction in March and will feature 174 units with 204 beds at a cost of $27.5 million, or $158,000 per unit. Another, in Citrus Heights, California, will have 109 units of AL and MC that will cost $22.8 million, or $209,100 per unit. Project costs vary from around $20 million to $40 million at each development, and EB-5 funding will supplement some 20% to 30% of the financing for each property.