LifeSpire Receives $24M Loan for CCRC Expansion in Virginia

RICHMOND, Va. — LifeSpire of Virginia has started construction of a 166,590-square foot expansion at Lakewood, a continuing care retirement community in Richmond.

The multi-phase project will add 64 independent living units, two hybrid homes, a clubhouse, maintenance building and lake to the community.

Hybrid homes each include 10 individual residences, a large common area, outdoor patios, private garages and additional storage space. The new clubhouse will replace a 1970s-era community center with a four-story building featuring 44 apartments, underground parking and a variety of outdoor features.

A $24 million loan from SunTrust bank will help fund the expansion.

LifeSpire of Virginia, formerly Virginia Baptist Homes, has owned and operated continuing care retirement communities across the state for nearly 70 years.

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