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GRAND RAPIDS, Mich. — Ziegler Capital Markets has arranged $57 million in financing for Beacon Hill at Eastgate, a CCRC in Western Michigan, which includes approximately $36 million for the community’s Phase II expansion.
The expansion consists of 56 new independent living apartments, a 29-bed replacement health center, an auditorium and a café. After construction, Beacon Hill will consist of 170 independent living apartments, 40 assisted living suites, 35 memory care suites, 29 private skilled nursing beds and 20 rental apartments.
Beacon Hill opened in late 2010 and reached 95 percent occupancy within two years. The Phase II apartments are already 75 percent pre-sold.
The lenders on the loans were Huntington and First Midwest banks.