KEARNS, Utah — RED Capital Partners LLC, the proprietary debt and equity banking arm of comprehensive capital provider RED Capital Group LLC, has completed a $13.86 million balance sheet loan to Link Development LLC for the construction of Summit Senior Living, located just outside Salt Lake City.
The loan will support the construction of a two-story assisted living and memory care facility on a 3.9-acre parcel. It will consist of 75 assisted living apartments as well as 32 memory care beds. Once completed, Vancouver, Wash.-based Milestone Retirement Communities LLC will manage the community. Currently, Milestone manages over 29 communities in nine states.
Link Development LLC, is an Oregon-based company that specializes in developing assisted living centers and has ten projects across the west. Seabold Construction Inc, is the general contractor on the $17.9 million project with a projected completion date of early March 2016. Ankrom Moisan Architects are the architects on the project.