WESP Healthcare Holdings

Summary

Smith/Packett, based in Roanoke, Va., specializes in developing senior care housingWESP Healthcare Holdings is fully subscribed, and consists of undeveloped land and currently consists of one project. The Total Project Cost (TPC) committed to date through the program totals approximately $10.0M representing invested equity capital of approximately $6.2M.

Project Details

When completed, the campus will house approximately 561 total units in cottages, independent living rentals, independent living condominiums, an assisted living facility and a related Laurels of University Park skilled nursing facility (currently operational).

In February 2012, 11.46 acres were sold for approximately $1.9M.  All of the net proceeds of the sale were applied directly to the outstanding project debt.  The project originally held 36.91 acres of which 25.45 acres remain.

Original Investor Approved Project Cost:
Equity Capital $6,231,007
Debt Capital $3,802,500
Total Project Cost (TPC) $10,033,507