Civitas Senior Living may have already expanded outside its home state of Texas, with three existing communities and four more on the way in Florida, Kentucky, Colorado and Arizona, but the Fort Worth-based company is coming home for its latest development. The 188-unit community, located in the Red Oak suburb of Dallas, will feature independent living, assisted living and memory care services and will join the 32 other properties currently owned and operated by Civitas.
To finance the development, HJ Sims invested $5.85 million of preferred equity, which it funded by placing corporate taxable bonds. The subordinate financing was structured to meet the requirements of the senior lenders and High Volatility Commercial Real Estate Regulations, but also to provide sufficient returns to Civitas and its limited partners.
