Avanti Senior Living, which is developing five senior living communities in the Southeast (three in Texas and two in Louisiana) turned to RED Capital Partners to help fuel its construction pipeline, receiving a second $13.8 million balance sheet construction loan to build a 90-unit assisted living/memory care community in Flower Mound, Texas. The community will feature 50 units of assisted living and 40 units devoted to memory care, and represents Avanti’s third project to break ground under its joint venture with an affiliate of real estate fund manager, Iron Point Partners. Last December, RED also arranged a $13.5 million balance sheet construction loan for Avanti to construct a 90-unit community in Cypress, Texas. Typically, construction costs for the Avanti communities have ranged from $15 million to $20 million, with up to $700,000 spent on technology alone at each project. With experienced operators Tim Hekker and Lori Alford at the helm, Avanti’s steady and deliberate pipeline seems to be a smart approach in today’s booming development market.
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