ACWORTH, Ga. — Griffin Living has received financing for the development of Varenita of West Cobb, a seniors housing community in the Atlanta suburb of Acworth.
The two-story, 75,516-square-foot project will feature 58 assisted living and 23 memory care units.
As one of the few major financial closings for ground-up construction in senior living since the pandemic started, Varenita at West Cobb provides insight into how post-pandemic investing and innovation will look in the senior living industry, according to the developer.
“The pandemic severely affected senior living products, so it is reasonable for the financial community to be conservative in financing an assisted living and memory care community,” says Matthew Griffin, senior vice president of Griffin Living’s Eastern States Division. “Funding this project is a signal that these much-needed communities are going to start moving forward again.”
Ari Adlerstein of Meridian Capital Group arranged the equity partnership between Griffin and Reichmann International. Harry Joseph at Galaxy Partners arranged construction financing through Renasant Bank.