What will the CCRC include?
Even though there is an opportunity for up to 350 independent living units, we do not plan on building that many units at one time. Our consultants have recommended an initial development to include: 182 independent living apartments, 48 assisted living apartments, 24 memory support assisted living suites and 48 nursing beds. There are two key factors that cause us to limit the number of independent living units for the community: 1) a smaller community reduces market risk, and 2) current capital market conditions limit the total amount of debt that can be issued at one time, thereby limiting the number of units that can be built. If capital market conditions change and we can access a higher amount of debt, we may decide at a later time to increase the number of independent living units to 220-240 (assuming the market response has been strong, as expected).
