SunTrust Bank arranged construction financing for the first phase of an enormous senior living development going up in the Atlanta metro area that will include some 600 units when all is said and done. The developer, Village Park Senior Living, will start with 204 high-end units (including 82 independent living, 75 assisted living and 26 memory care units) and most of the common areas being built. Phase One will also include 21 “City Homes” with separate access and gardens with patios.
After opening this Phase in Fall 2020, Village Park will then start on Phases Two and Three, all combining for $300 million of development cost. We don’t see developments of that scale too often. SunTrust served as lead arranger on the $86 million loan, with additional financing provided by First Tennessee and Pinnacle Bank.