RED Capital Closes $26.2 Million Construction Loan for New Seniors Housing Project in South Carolina

TEGA CAY, SC - Red Capital Partners, LLC, the proprietary debt and equity banking arm of Red Capital Group, closed a $26.2 million balance sheet construction loan for an affiliate of CNL Healthcare Properties, Inc., in support of a new Class A seniors housing and skilled nursing facility to be constructed in Tega Cay, South Carolina, a desirable suburb located on the shores of Lake Wylie and within the Charlotte, North Carolina metropolitan area.

The 152 unit campus development will offer assisted living, memory care, and skilled nursing care with an emphasis on wellness and rehabilitative services. The project is currently under development and upon completion will be operated by affiliates of Maxwell Group, Inc.

RED’s non-recourse construction loan will finance the development and stabilization of The Wellmore of Tega Cay, the flagship community for the Wellmore brand which is focused on a hybrid approach to wellness and health care for seniors. The project will total almost 150,000sf of Class A construction incorporating high quality finishes and design elements over a campus setting consisting of six buildings, including a 25,000sf clubhouse and wellness center and extensive amenities. The deal highlights RED’s balance sheet capabilities and desire to support top tier sponsors and operators on new seniors housing development projects.

Kevin Maddron, Senior Vice President at CNL Healthcare Properties commented, “We are pleased to grow our extensive seniors housing portfolio by partnering with RED Capital and Maxwell Group on this exciting new campus. The residents of Tega Cay can expect a state-of-the-art community developed and operated by Maxwell Group, an industry leader in senior living. RED, and particularly its leadership team, made this possible by offering a unique development capital solution with timely execution on the terms proposed.”

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