A new senior living community obtained bank financing from Truist Financial, with the help of Cushman & Wakefield. Richard Swartz, Tim Hosmer and Chris Remeika led the transaction, which featured a $37.1 million loan, coming out to about $200,000 per unit.
Opened in 2018, the 186-unit community is located in the Daniel Island area of Charleston, South Carolina, overlooking the 5th fairway of the Daniel Island Club Beresford Creek course. It features 90 assisted living, 48 memory care and 48 skilled nursing units. Charlotte, North Carolina-based Maxwell Group developed the property, while Wellmore Living operates it. This is the third South Carolina community managed by Wellmore, with one in Lexington and the other in Tega Cay.
We covered the groundbreaking of the Tega Cay community back in 2014, which cost about $35 million, or $230,000 per unit. There were 10 other Wellmore communities planned for development throughout the Southeast back then (compared with the three currently open), but that was back in the day of big development pipelines being announced, with fewer projects actually getting off the ground.
