Already a force in West Virginia and North Carolina, Ridge Care Senior Living is expanding its assisted living/memory care portfolio into South Carolina with a brand-new 100-unit (60 AL and 40 MC) community in the beach town of Pawleys Island. Expected to open in Summer 2018, the community is expected to cost around $20.5 million, or over $200,000 per unit, to develop, which is close to the average for the regional cost for like-communities of $208,000 per unit, according to our in-house database.
SunTrust Bank, through its Aging Services practice, provided an $11.3 million loan to fund the construction. Ridge Care, which currently manages 13 senior living communities on behalf of a small group of private investors (although, Ridge Care’s principals are partners in the communities as well), has plans to further grow its operational footprint in the Carolinas.
