Trilogy Health Services recently announced that it is opening its 91st health campus, and its fifth in the Louisville, Kentucky area alone. Dubbed “Forest Springs Health Campus,” the community follows Trilogy’s basic prototype of 50 skilled nursing beds and 45 assisted living units, but with the addition of about 30 independent living villas. Altogether, the 115,000-square foot campus will cost approximately $13 million or $104,000 per bed.
Louisville-based DMK Development was the developer of the project, having previously done 18 senior living projects with Trilogy in Kentucky, Ohio, Indiana and Michigan, and with more to come (Trilogy, as you may know, has also worked with Mainstreet in the last few years to develop a number of its health campuses in the Midwest).
To finance the project, DMK turned to Stockyards Bank and Trust (which had previously worked with DMK to finance two other projects in Ohio and Kentucky) to provide a floating rate, 10-year loan to fund about 80% of the development cost, while a partnership formed by DMK will provide the balance in equity. DMK is also scheduled to break ground on another Trilogy Health Services campus in Lexington, Kentucky in June, and we will wait and see if they make a play into Indiana, as Mainstreet has been doing.