Watercrest Senior Living Group broke ground on another senior living community just a couple of months after starting work on a 98-unit senior living community in Macon, Georgia. This most recent project is located in Myrtle Beach, South Carolina, and also comprises 76 units of assisted living and 22 units of memory care. There will be amenities like a salon and spa, plus outdoor features like verandas, fireplaces and other social gathering spaces. Residents can also benefit from the local golf courses, medical centers and entertainment of Myrtle Beach.
Just like the Georgia development, Watercrest is developing the community with equity partners Peninsula U.S. Real Estate, a private equity firm involved in the student and seniors housing space that provides equity and mezzanine financing to developer/operators, and Corecam Capital Partners, which provides privately sourced and in-house structured investments through its direct investment platform. Bank of Texas provided the construction financing. Residents will start moving in late next year, assuming all goes to plan, of course.
