Another E5B financed senior living company
The opening on August 14th of Northstar Rancho Cordova assisted living and memory care community ushers into the Sacramento region new industry players — Neil Huettenhain, owner and president of WoodCrest Development, LLC, and his partner Rick Beasley. The Rancho Cordova community is the first opened of three the company has planned. The other two will be located in Lincoln, where ground has already been broken, and in Benicia.
The community is located in the Sacramento, California suburb of Rancho Cordova. It is Rancho Cordova’s first large-scale senior housing and services community. The three-story building is comprised of 80,000 square feet, primarily living area as well as shared space for dining, recreation, and social activities. There are 113 apartments offering choices of studio, semi-private, or one- and two-bedroom floor plans.
Journeys Memory Care
The community includes Northstar’s signature Journeys memory care that operates on “person-centered” care principals. The program foundation is based on developing a deep knowledge of each resident and positive relationships that respect their preferences and life history in ways that honor their identity. Short-term residency, commonly referred to as respite care, also is available so family caregivers can relax, pursue neglected activities or even take a vacation while their senior loved ones become part of Northstar’s extended family and enjoy its enriched lifestyle. “We are pleased to be operating in Rancho Cordova,” Huettenhain said. “It’s a great, growing city with a positive business climate and a need for more housing and services for seniors. This project created a number of construction jobs as well as 70 new full-time positions.”
EB -5 Financing
EB-5 financing has become a significant part of the senior financing world. This community was partially financed through the EB-5 visa program, which allows foreign investors to provide at least $500,000 into job-generating programs in high-unemployment areas. If successful in generating a minimum of 10 jobs, the investors and their dependents gain conditional permanent residence valid for two years.
What do you think of this type of financing? What is your city’s experience with businesses financed through the program?