COLUMBUS, OH - RED Capital Partners, LLC, the proprietary debt and equity banking arm of comprehensive capital provider RED CAPITAL GROUP, LLC, recently completed a $3.85 million mezzanine balance sheet construction loan to an affiliate of Discovery Senior Living.
Discovery Village at Palm Beach Gardens will be a 120-unit Class A seniors housing community located in Palm Beach Gardens, FL. When complete, the community will include 30 Supervised Independent Living, 60 Assisted Living, and 30 Memory Care units.
The community will include amenities such as dining rooms, game room, club and bar, Bistro and ice cream parlor, pet park, fitness center, heated indoor therapy pool, movie theater, beauty salon, spa, barber shop, craft center, and garden area.
The facility will also host a state-of-the-art Discovery Zone Media Center with cognitive brain fitness technology.
Discovery Senior Living is an award winning, fully integrated, seniors housing development and management company based in Bonita Springs, FL. Discovery operates 14 senior living communities with over 3,500 units and is actively acquiring and developing in Texas and the southern United States.
Richard Hutchinson, President and CFO, Discovery Senior living, stated, "We are excited about continuing our long relationship with RED. Their experienced, thoughtful and creative approach to financing continues to allow Discovery Senior Living to expand its portfolio of world class communities in an efficient and effective manner."
Kathryn Burton Gray, Senior Managing Director for RED said, “Discovery Senior Living is one of the premier owner/operators in the country. We are pleased that, once again, they chose RED as one of their capital partners.”
James Scribner, Managing Director for RED said, “We are excited to be working with the Discovery team. We have had a great, long-standing relationship with Richard and his team. For this transaction, creativity was essential – being able to work through the complexities of a mezzanine loan takes expertise and creativity. Additionally, our strong relationship with the first mortgage lender, Community & Southern Bank, was instrumental.”