Graceworks Lutheran Services procures funding for repositioning
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.
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
