GRAND RAPIDS, Mich. — Ziegler has arranged $22.5 million in bank bonds for an expansion project at Beacon Hill at Eastgate, a 300-unit continuing care retirement community in the Eastgate neighborhood of Grand Rapids.
The borrower is Michigan Christian Home. The financing package includes a $9.8 million long-term component with a 30-year amortization and a $12.7 million short-term loan with a three-year amortization that will be retired with initial entrance fees from the project.
Built in 1960, the property currently features 170 entrance fee independent living units, 20 rental independent living apartments, 46 assisted living units, 35 memory support units, and 29 skilled nursing beds.
The community has brought on Greenbrier as development consultant for the expansion, which will include demolishing a recently purchased medical office building located on the northeast corner of campus to construct a 26-unit independent living apartment building. This new structure will be joined to the existing community by an enclosed walkway.
The project also includes renovating many of the amenity areas. Beacon Hill selected BBVA as the lender.