From its growing balance sheet construction lending platform, RED Capital Partners announced the closing of two separate transactions within a day of each other. The first was an $8.8 million loan for a 46-unit memory care community in Lakewood, Colorado (Denver area). The borrowers were Taylor Fitzpatrick Capital, the Crystal Group and Milestone Retirement, which will operate the community. And second, RED closed a $13.86 million loan for a 107-unit assisted living/memory care community in Kearns, Utah (Salt Lake City area) being developed by Link Development and managed also by Milestone Retirement. The project is estimated to cost about $17.9 million, amounting to $167,300 per unit, well below the average for like-communities in the West, which is about $250,000 per unit, according to our data. Vancouver, Washington-based Milestone Retirement currently manages over 29 communities in 9 states in the west, and with these two projects will add its third in Colorado and its first in Utah.
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