Pace Loan Group closed a $7.1 million PACE loan on a 134-unit new construction, market-rate senior living community in St. Francis, Minnesota. The 20-year loan complements a $30 million qualified tax-exempt loan on the project using Series 2023A bonds with Sunrise Bank as the senior lender. The project team also included Pope Architects and Bauer Design Build.
Vista Prairie at Eagle Point comprises 59 independent living, 43 assisted living and 24 memory care units as well as eight skilled nursing beds. Construction began in June and is expected to be completed by 2025, with a total project cost of $46.58 million, or approximately $350,000 per unit. Vista Prairie Communities, which owns and manages ten mostly rural properties offering assisted living, memory care and skilled nursing, is both the property manager and services provider for the site.
The PACE proceeds will be used to finance energy conservation and renewable energy measures including the building envelope, ENERGY STAR windows, HVAC, high-efficiency plumbing, and lighting systems and controls. The renewable and energy conservation measures are expected to save $368,600 annually with payback in 20 years.
