SunTrust Bank, now Truist, just announced its first loan under its new name. The bank provided $50 million in financing to support the renovation and expansion of a large, not-for-profit CCRC in Charleston, South Carolina, which is affiliated with the Episcopal Church.
Originally developed in 1987, with a skilled nursing center added in 1992 and independent living, assisted living and memory care units built in 1999 and 2015, the campus is located on James Island, just south of downtown Charleston. The planned renovation to the assisted living portion will result in 81 one- and two-bedroom units being refurbished.
The larger project will see the CCRC add a new 156,000-square foot healthcare and rehabilitation center, set to open in January 2022. It will feature 32 memory care, 64 skilled nursing and 32 short-term rehab units, in addition to an on-site clinic, bistro, gift shop, outdoor spaces, luxury spa, private chapel, meditation room, employee lounge and locker rooms, and rehab gym. There’s also all the entertainment, activities and golf in the surrounding area. What else do you need?
