SpringShire closes on Pre-Development Financing for a Retirement Community in Greenville, NC
February 17, 2016 — SpringShire Retirement, LLC, a North Carolina not-for-profit corporation, is pleased to announce the closing of Revenue Anticipation Bonds to move forward with the development of a retirement community in Greenville, NC.
These bonds will allow the community to move forward with the updated design and marketing of the community slated to begin construction in 2018. The community is being developed by Retirement Living Associates, Inc., a firm that also manages a number of other senior living communities in the Southeast including Springmoor Life Care Community in Raleigh, NC.
“When we first started marketing SpringShire, there was an extremely positive response from the Greenville community,” says David Ammons, President of RLA, Inc. “We continued to market the community through the recession, but due to a slow real estate market in Greenville, we stopped actively taking deposits for a period of time.”
Now that the real estate market has improved remarkably in the region, Mr. Ammons recommended to the SpringShire board that the time was right to move forward with pre-development financing through Herbert J. Sims, a respected senior living finance institution.
Sims assisted SpringShire in obtaining $14,825,000 in pre-development capital to finance this stage of the community. The bonds were issued through the Public Finance Authority in Wisconsin. Once the community reaches a certain percentage of pre-sale reservation deposits, it will move forward with obtaining permanent bond financing to begin construction.
SpringShire will consist of 150 independent living apartments, 12 independent cottages, an 8-bed assisted living unit and a 12-bed skilled nursing unit. The community will be situated on 127 acres of land located off of Highway 43 near Ironwood Country Club in Pitt County. In addition to well-appointed homes, the community will offer a variety of services and amenities such as dining venues, theater, fitness center & indoor pool, card rooms and easy access to nature trails and walkways.
SpringShire will be licensed as a not-for-profit Continuing Care Retirement Communities (CCRCs), which is a term that describes a community that offers a continuum of living and care options for older adults. The senior living industry is changing this designation to Life Plan Communities, which better describes the type of community that SpringShire will be.
“Today’s Life Plan Communities provide large residential homes with full-size appliances and all the amenities found in new homes today,” says Ammons. “More importantly, we offer fitness and wellness programs, fine dining, creative enrichment programs, socializing opportunities and much, much more. And of course, we still provide top quality health care services if and when one of our residents develops that need.”
SpringShire will be a Life Plan community offering a resident the opportunity to move in while they are independent and enjoy a host of amenities; all while living amongst peers with similar goals and interests. The residents will have peace of mind knowing their needs will be met should they have a change in health.
“This is an exciting time for the people of Greenville and surrounding areas,” says Ammons. “SpringShire will offer a new opportunity in retirement living.”
Dr. Robert Deyton has served on the SpringShire board since 2007. He is a retired physician and has served as a local OB-GYN for more than 40 years.
“I am happy to see SpringShire moving forward so we can share this new community with people in our region. It will be a great place to live in retirement,” says Deyton.
Residents interested in learning more about the SpringShire lifestyle can visit www.springshire.org or call (800) 884-2203. The Information Center for SpringShire is currently under construction, and will reopen in the Spring with updated designs and information about the community.