Truist Provides $42.4M in Financing for Hillcrest CCRC Expansion in La Verne, California
LA VERNE, CALIF. — Truist Financial Corp. has provided $42.4 million in financing for Hillcrest, a continuing care retirement community (CCRC) in La Verne, approximately 30 miles east of Los Angeles. The borrower was not disclosed.
The funding will be used to refinance existing debt and support the construction of a new independent living component named Hawthorne Homes. The 24,000 square-foot addition will consist of 14 one-floor cottage and duplex units located on a 1.4-acre parcel on Hillcrest’s 50-acre campus. The new construction includes several environmentally friendly and sustainable features, including solar energy, rainwater reclamation, clerestory windows and energy-efficient appliances.
Construction is scheduled to begin this week, and completion is set for summer 2021.
Upon completion of the new units, the Hillcrest campus will consist of 240 independent living units, 48 assisted living units, 24 memory care beds and 59 licensed skilled nursing beds.