Shaw Butte Senior Living readied for financing

In almost the year since my last post, a number of significant development have taken place which have culminated in Shaw Butte Senior Living becoming ready for its financing effort.  A well respected local senior living management company Retirement Community Specialists led by Eric Johnston agreed to join the team and become a partner in the project.

Eric’s company was manager and a part owner in the Stratford, located north of Glendale Road and east of 19th Ave.  He also is finishing up an assignment as receiver and manager for the Desert Springs which is on the campus of John C. Lincoln hospital.  Both of these properties share a primary trade area with Shaw Butte and offer unique insight into market conditions and opportunities.

Having an operator/partner in tow, I reactivated the design process.  Even though Visiquest had obtained the entitlements it needed, the buildings were crowding the higher slopes of the adjacent hillside and I was determined to make this footprint better.  The solution was to combine the separate memory care and assisted living buildings into one.  We also shortened the east/west building wings but went up one more level.   The footprint now takes up one less acre and is less impactful on the hillside.

The rendering was updated to show the new and improved Shaw Butte Senior Living, but also the potential phase 2 retail/office/trailhead development. Click here to download PDF of this aerial view and a close up street view.

The scale of the project was reduced to 63 assisted living and 24 memory care units (original market study suggested 96-108 total units).  AL has 10 studios, 50 one bedrooms and 3 two bedrooms.  Memory Care now has two neighborhoods of 12 units each.  Residents can still self-exit into the secured hillside courtyard.  Common areas were redesigned to be more efficient and functional.  View Floorplans.

The next step is critical – securing New Market Tax Credit financing, gap equity and incentives from the City to make this all fly.  Previous posts have explained NMTCs.  Without all of these incentives, it is doubtful the project can be built and its mission fulfilled.  That mission is to provide supportive housing for low and moderate income elderly.

Shaw Butte Senior Living has a 67 page finance book.  I will be aggressively making the rounds to lenders, investors and City departments in the upcoming weeks.  Once we have the various financial commitments, construction drawings can be completed and this project should have legs.

Tags: Assisted Living, Broder, Infill retail, Memory Care, New Market Tax Credit, Phoenix Senior Living, Shaw Butte, Shaw Butte Village, Visiquest

Posted by Joel on January 6th, 2012 | Categories: Shaw Butte Village (19 Ave & Cactus)