A group of local owners in Colorado went to HUD to receive construction financing for their 137-unit senior living development in Monument, Colorado (between Denver and Colorado Springs). Having just broken ground last month, the community will feature 80 assisted living, 30 memory care (in two separate 15-unit neighborhoods) and 27 independent living units on a scenic 6.4-acre property. It is scheduled to open in late-2018, with a host of amenities, including several dining areas, guest apartments, a barber and beauty salon, community store and concierge services.
Lakewood, Colorado-based WellAge Senior Living will manage the community. Ralph Lowen of Walker & Dunlop structured a $28.16 million HUD loan to fund the project, which comes out to about 90% of the total replacement cost. There is also an 18-month interest-only construction period following by a 40-year, fully amortizing term.
