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Graceworks Lutheran Services procures funding for repositioning

August 14, 2017 Article 1 min read
Authors:
Eric Dumont Plante Moran Living Forward

After raising $81 million in bonds, Graceworks Lutheran Services looks to reposition its senior living community in Centerville, Ohio. We're happy to be a part of Graceworks' projects as they continuously improve their facilities.

Graceworks Bethany Lutheran Village Image

Plante Moran Living Forward client Graceworks Lutheran Services has completed an $81 million bond offering, which the company plans to use to renovate its senior living campus in Centerville, Ohio, and restructure its debt.

Graceworks plans to make the following facility modifications:

  • Demolition of 22-unit assisted living wing
  • Conversion of 36 assisted living units to 35 memory care units
  • Construction of a new 74 unit assisted living building
  • Addition of an activity room
  • Renovation of the kitchen, dining, and common areas

Plante Moran Living Forward, as owner's representative, has been involved in more than $50 million in capital improvements in Graceworks' communities. We're happy to be a part of the capital projects team as the company continuously improves its facilities to fill the community's need and increase the quality of care for its residents.

Source: Seniors Housing Business, June-July 2017 edition

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