Lincoln, California (PRWEB) October 21, 2016
Summerplace at Lincoln, LLC announced today that grading commenced at the Lincoln site and the retaining wall has been cut. Woodcrest Construction Management, Inc., the project’s construction management company, announced that that once the foundation pad has been formed as part of the site work, the utility conduits will be placed and the foundation itself will be poured. Woodcrest Construction Management, Inc., informs us that the foundation work is expected to be completed in December 2016.
“We are pleased to be making substantial progress as we proceed with construction. Summerplace at Lincoln is a premier property positioned across the street from one of the larger Del Webb Senior Communities in the US, giving us the opportunity to service senior citizens as their living needs change” said Neil Huettenhain, the President of Woodcrest Construction Management Inc.
When completed, Meridian Senior Living will be the manager and operator of the senior living facility. “As a national operator of Senior Housing projects, we're very excited about the opportunity to manage the Summerplace at Lincoln facility" said Bob Sweet the President of Meridian Senior Living, and added that, “we think this facility is a great fit for this location, and expect a successful launch when built”,” Mr. Sweet further stated: “Meridian prides itself on providing the resources, experience and individual attention to help make aging related decisions easier.
Summerplace at Lincoln also announced that funding for the project is being facilitated by BB&T Capital. The BB&T financing has been arranged through a State of California Development Agency Bond that has recently received initial approval. Final loan documents are currently scheduled to close before the end of 2016. As a result, Summerplace at Lincoln anticipates having this project fully financed, permitted, and under construction in the last quarter of 2016.
Summerplace at Lincoln is also pleased to announce that it has signed an agreement for MCC Overseas, Ltd. to provide the build-out components for the project.
About Summerplace at Lincoln: Summerplace at Lincoln is a planned 194 Unit, 228 Bed Assisted Living & Memory Care Facility located in Lincoln, CA. The facilty sits on a 7-acre in-fill property, adjacent to the entrance to Del Webb, Lincoln Hills. This project is strategically located between two large Del Webb retirement communities, which combined have over 9,000 single-family homes with 55 years and older restricted senior living.
About Meridian Senior Living: Meridian Senior Living owns and operates senior housing communities across the United States and provides outstanding care and services for its residents in comfortable home-like settings within its communities. With more than 10,000 beds, Meridian is currently the fifth largest Assisted Living provider and third largest Memory Care provider in the United States. “Exceptional accommodations, within your means, beyond your expectations”: Meridian Senior Living. http://www.meridiansenior.com/
About BB&T: BB&T (Branch Banking and Trust) is one of the largest financial services holding companies in the U.S. with $221.9 billion in assets and market capitalization of $29.0 billion (as of June 30, 2016). Based in Winston-Salem, N.C., the company operates 2,249 financial centers in 15 states and Washington, D.C., and offers a range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services.
About MCC Overseas: MCC Overseas Ltd (MCCO) is an international engineering service company wholly owned by Metallurgical Corporation of China Ltd (MCC), a Fortune 500 company. MCC is China’s leading multidisciplinary multinational company well known for its experience and strength in EPC contracting, resource development, equipment manufacturing, real estate development and papermaking.
Important Cautions Regarding Forward-Looking Statements
Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of federal law. Such statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "plans," "intends," "anticipates" and variations of such words or similar expressions, but their absence does not mean that the statement is not forward-looking. Such forward-looking statements reflect management's beliefs and assumptions and are based upon information currently available to management and involve known and unknown risks, results, performance or achievements of Summerplace at Lincoln, which may differ materially from those expressed or implied in such statements. Such statements include, but are not limited to: adverse economic conditions and the impact on the real estate industry, including healthcare real estate; our ability to finance our assets on terms that are acceptable to us, if at all, including our ability to complete securitization financing transactions; understanding of our competition and our ability to compete effectively; market and industry trends; our financing needs; and, our expected leverage and the effects of our current strategies. Our ability to predict results or the actual effect of plans or strategies is inherently uncertain, particularly given the economic environment. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements. These forward-looking statements involve risks, uncertainties and other factors that may cause our actual results in future periods to differ materially from those forward looking statement. Except where required by law, Summerplace at Lincoln undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.