Senior Living Development LLC secured a $16 million construction loan for KindCare at Bristol, a to-be-built, middle-market assisted living community in Bristol, Connecticut (Hartford MSA). The community, which will feature 117 beds of both assisted living and memory care, is situated on one acre in downtown Bristol.
It will be the first of Senior Living Development LLC’s KindCare assisted living brand, which caters to the middle market. Rates average 20% less than luxury AL options, and this specific project is also taking advantage of the tax benefits being in a Qualified Opportunity Zone. Construction is expected to start this October and finish in early 2023. The developer has also purchased and entitled another project site in nearby Naugatuck, with a groundbreaking planned for next summer.
