To support the refinance and expansion of a not-for-profit CCRC in southern California, Truist Financial Corporation announced that it served as the sole lender of a $42.4 million loan. Originally developed in 1947, the community has grown on its 50-acre campus in La Verne, California to include 226 independent living units, 48 assisted living units, 24 memory care units and 59 licensed skilled nursing beds.
However, Brethren Hillcrest Homes, Inc., the owner associated with the Church of the Brethren, will expand the community by adding 14 independent, one-floor cottage and duplex units, consisting of 24,000 square feet on a 1.4-acre parcel. Each home will feature an attached two-car garage and a secluded patio overlooking a shared courtyard. The Truist loan will replace existing debt and help fund the expansion project, which is expected to finish in the summer of 2021.