Resthaven broke ground on a $72.5 million development project called The Farmstead, an independent and assisted living community in western Michigan. The community will serve greater Ottawa County, and will be situated on 40 acres just southwest of Grand Rapids, Michigan. The Farmstead will comprise 24 single-family homes/duplexes, 24 assisted living and memory care units and 80 independent living apartments.
Filling a high demand for seniors housing in the area, all the stand-alone homes are already reserved, but there are still a few apartments that have yet to be pre-leased. The community also comes with a clubhouse.
Resthaven is a not-for-profit healthcare and senior living organization based in Holland, Michigan, that has been a fixture in the community for more than 75 years. The Farmstead has been in design and planning since early 2019, however development of the project was slowed by the pandemic, even as demand for the new units at The Farmstead remained high. The project is being designed by Atlanta, Georgia-based architecture firm, THW Design. EV Construction will serve as the project’s construction manager. The grand opening is expected to be in 2024.
Resthaven plans to finance the project by issuing $80 million in bonds using the Ottawa County Economic Development Corporation as a conduit to receive tax-exempt status on the bonds. The financing will be provided by two bank partners funding the project. Macatawa Bank is funding the short-term debt for the construction phase, and Old National Bank is financing the long-term debt.
