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Michigan Senior Housing Project Receives Construction Financing
Redstone Group Management, Inc. secured $24.8 million in construction financing for Traditions at Rivertown, a senior housing complex in Wyoming, MI, a suburb of Grand Rapids. The 150-unit, Class A property has dedicated units for independent living, assisted living, and memory care.
The property is scheduled to be completed in November 2019, and will feature amenities such as a library, bar and entertainment space, theater, fitness center, underground parking, coffee bar/bistro, lounge, and activity areas.
Walker & Dunlop’s Benjamin Krosin, Jeff Schmidt, Tim Cotter, and Russell Dey partnered with Inner Circle Holdings’ Kari Zapolski to structure the five-year construction loan with three years of interest only with a regional bank.
Redstone Group’s Gary Hensch says, “We are excited to build a high-end senior housing property that will address a significant need in the Grand Rapids market area.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development
