Financing has been completed for The Barrington of Carmel, a retirement community to be constructed upon a 19.5-acre campus at Guilford Rd. near 116 Street.
Senior Quality Lifestyles Corp. and its affiliate, Mayflower Communities, working in partnership with St. Vincent Health, completed the financing through the sale of $119,020,000 in revenue bonds. The announcement was made by Charles B. Brewer, president and CEO of SQLC.
“We are pleased to complete the successful financing of The Barrington and excited to have construction of the new community already underway,” said Brewer. “The Barrington will add to Carmel’s already superb reputation as one of the best places to live in the country. The team supporting The Barrington is one the best in the industry, and I look forward to the day the community opens its doors.”
The community will have 134 independentliving apartments, 56 residential-style assisted living apartments, 26 memory-support suites and 48 skilled-nursing beds. The community is scheduled to open in 2013.
“The financing of The Barrington speaks highly of the reputation of Senior Quality Lifestyles Corporation and Mayflower within the financial community,” said Rich Scanlon, managing director, Ziegler Capital Markets, Senior Living Finance. “The expertise these two organizations bring to this project will ensure The Barrington will provide local seniors with the best quality of life in Carmel.”
According to Greystone Communities, an Irving, Tex.-based development partner, the economic impact of the project for the Carmel community will be significant.
“The Barrington will support the Carmel economy with a $49,700,000 construction contract,” said Mark Shegon, corporate vice president, development services for Greystone Communities.
The level of service that will be provided to residents of The Barrington means an influx of jobs for the Carmel community as well.
“A hallmark of all of the SQLC communities is an emphasis on quality and hospitality,” Shegon said. “After The Barrington opens, approximately 200 people will serve the residents and benefit from the Barrington’s operations.”