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LRT Launches DST for Rhode Island Seniors Housing
LRT Company, a land entitlement and ground lease finance company, has launched LRT Coventry RI DST. The all-cash, Regulation D private placement Delaware statutory trust offering seeks to raise $20.55 million in equity from accredited investors.
LRT Coventry RI DST consists of 14 acres of undeveloped land in Coventry, a suburb of Providence, RI, that is ground leased for 50 years on a triple net basis. As part of the ground lease agreement, Tiffany Laurel Reserve, a 157,000-square-foot senior housing campus with 204 units, will be designed, developed and constructed on the land.
The project marks an important first for the firm. “For the first time, LRT Company will include a portion of low-income housing units – seniors in need of low-income housing are expected to be most affected by the projected shortage of senior housing in the coming decade,” said Lawrence LaBonte, founder and CEO of LRT Company.
- ◦Development
- ◦Financing
