SunTrust Banks, Inc. (NYSE: STI) announced today it provided $86 million in financing to support the first phase of a new luxury senior living development built by Village Park Senior Living. The upscale community will be located in the affluent Paces market just west of Buckhead offering a full continuum of care with independent living, assisted living and memory care.
The nine-acre campus represents a growing trend in the industry to provide aging seniors with more amenities and services. The new property concept features French inspired architecture and a robust list of amenities such as groomed courtyards, city homes, a movie theatre, flower shop, library, salon, wine bar, sports bar and several dining venues and bistros.
Phase one will entail construction of 204 of the 600 planned units. The project will have three phases of development, totaling $300 million, starting with the 204 units and most common areas. The gated community will offer a full continuum of care, including 82 independent living, 75 assisted living and 26 memory care units. Unique to typical senior living communities, the gated community will include 21 City Homes with separate access and small gardens with patios. Set to be completed in Fall 2020, phase one of the new development is expected to create more than 350 permanent jobs.
“We are proud to support Village Park Senior Living as they move forward with the first phase of this luxury development,” said Evelyn Lee, senior vice president of SunTrust’s Aging Services practice. “This type of facility is truly unique and provides seniors with a high-end rental model option that hasn’t yet existed in this area of the Atlanta market.”
“As an industry, we have limited supply and a growing demand for exclusive senior living communities throughout the country. I’m excited to launch the most premier senior living community in the underserved Paces market just north of Atlanta and Midtown,” said Village Park Senior Living CEO Tim Gary. “The Atlanta population is booming. Many professionals are moving to the city and bringing their parents along with them. This community will deliver on the highest quality of service and care for our residents while protecting their dignity and lifestyle.”
SunTrust assisted as lead arranger on the deal , with additional financing provided by First Tennessee and Pinnacle Bank.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of September 30, 2018, SunTrust had total assets of $211 billion and total deposits of $160 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
About Village Park Senior Living
Village Park Senior Living is known as Atlanta’s premier owner and operator of the best senior living communities in the southeast. The company creates vibrant lifestyle communities with a profound passion to improve wellness and enhance our residents relationships with friends and loved ones. Village Park has a vision and culture to enrich the lives of our residents by delivering standards of excellence through respect, dignity, integrity and compassion. With over twenty years of successful operating history, the company continues to expand their communities across the region to deliver the best-in-class for seniors that enjoys the dignity of aging in a first-class community. Village Park Senior Living corporate office is located in Buckhead with four communities located around the northern crescent of Atlanta. The company provides independent living, assisted living and memory care units with a full array of amenities that surpasses their peer group.
