We have talked about the difficulties of 40-year old nursing facilities, but 34-year old CCRCs can have similar problems. Such was the case with Kingswood Senior Living Community located in Kansas City, Missouri, which was built in 1982. Because of its age and lack of updates over the years, 40% of its IL units were obsolete, it had only 14 AL units and there were no memory care units on the campus. In addition, the current manager, Life Care Services, had difficulty filling the 82-bed skilled nursing facility. Nothing that $51.77 in tax-exempt bond financing can’t fix. With the help of LCS Development, a majority of the 80 unmarketable apartments were repurposed and converted into 30 new assisted living units and 23 new memory care units. A plan has been put into place to upgrade the common areas and enhance the balance of the units. In addition to the bonds, Joe Mulligan of Cain Brothers secured $2 million of mezzanine capital needed to advance the development plan as well as fund entrance-fee refunds during the redevelopment.
Renovating the Old
