If your marketing team presells 75% of all units within two months of initiating pre-sales (and that number nears 95% pre-sold just after groundbreaking), then you clearly did your homework in determining local demand. Either that or what you offer is just better than any competitor around you. That is what Greenbrier Development has experienced as it breaks ground on Phase II on Beacon Hill at Eastgate, a CCRC in Grand Rapids, Michigan. First opened in 2010 with 114 independent living units, 40 assisted living units, 35 memory care units, 29 skilled nursing beds and 20 rental apartments, Beacon Hill filled to 95% occupancy within just two years.
Now, Greenbrier is adding 56 independent living units, a 29-unit replacement health center, an auditorium and a new café, at a cost of approximately $36 million, or $423,500 per unit/bed. To finance the project, Ziegler Capital Markets arranged both a tax-exempt bank placement and a taxable construction loan with Huntington and First Midwest banks. PRDG is the project’s lead designer and Rockford Construction Co. is the general contractor. Assuming all goes well, dare we predict a Phase III in the near future?
