RED Capital Group Closes $17.2M Loan for Prevarian Senior Living
BROKEN ARROW, OKLA. — RED Capital Partners, the proprietary debt and equity banking arm of RED Capital Group, has closed a $17.2 million balance sheet construction loan for Prevarian Senior Living to build Prairie House Assisted Living and Memory Care, located on the campus of St. John Medical Center Hospital in Broken Arrow. Prairie House will be a 93,000-square-foot, two-story seniors housing community and will accommodate more than 100 senior citizens. The facility will include 73 alcove, one- and two-bedroom floor plans for assisted living. There will also be 32 suites designed for memory care residents. Construction began Sept. 9 and the project is expected to open in November 2016. The 105-unit, 117-bed assisted living and memory care property will operate under a long-term ground lease from an affiliate of St. John Medical Center Hospital. LifeCare Services, based in Des Moines, Iowa, will operate the property.