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BROKEN ARROW, Okla. — RED Capital Partners, the proprietary debt and equity banking arm of RED Capital Group LLC, has provided a $17.2 million construction loan to Prevarian Senior Living, a private equity investor and a healthcare system affiliate.
The loan will be used to build Prairie House Assisted Living and Memory Care, located on the campus of St. John Medical Center Hospital in Broken Arrow, a suburb of Tulsa.
Prairie House will be a 93,000-square foot, two-story senior lifestyle community and will comprise 105 units, 32 of which are designed for memory care residents.
The project is expected to open in November of 2016. Once open, Iowa-based operator LifeCare Services will manage the community.