The Crossings at Bon Air
In 2000, a Smith/Packett affiliate acquired a 22 acre parcel on the south side of Richmond (the Bon Air area) for development as a senior housing campus. The Company then proceeded to work with Chesterfield County on rezoning and the U. S. Corp of Engineers on wetland remediation.
The Company acquired skilled nursing beds and in 2006 commenced construction of a 100 bed two-story upscale skilled nursing facility. The facility was completed in 2007 and reached stabilization in 2008 with a quality mix of 35%.
In late 2007, The Company commenced construction of the 186 unit Independent Living/Assisted Lived/Memory Care facility. The Crossings opened in June 2009.
Despite opening during the economic downturn, the Crossings fill-up rate was extraordinary and the facility reached stabilization ahead of schedule.
In 2012, The Crossing re-financed its debt in a $39,725,000 Fannie Mae transaction.
The Crossings at Bon Air project demonstrated the Company’s ability to acquire prime sites and then fully entitle the site by working with local, state and federal governments to bring forth the vision.
These projects also demonstrate Smith/Packett’s ability to move forward with its vision during tough economic times and not only meeting projections, but in fact surpassing them.