Griffin Living Secures Capital for Innovative Post-Pandemic Senior Living Community at Acworth, GA
6 months ago
ATLANTA, May 13, 2021: On Tuesday, March 30, 2021, Griffin Living secured financing for an Assisted Living and Memory Care Community at West Cobb, in Acworth, GA. The project is the newest addition to the Varenita™ luxury senior living portfolio. As one of the few major financial closings for ground-up construction in senior living since the pandemic started, Varenita™ at West Cobb provides insight into how post-pandemic investing and innovation will look in the senior living industry.
Griffin Living closed one of the few major financial closings for senior living construction since the pandemic began.
“The pandemic severely affected senior living products, so it is reasonable for the financial community to be conservative in financing an assisted living and memory care community,” said Matthew Griffin, Senior Vice President of Griffin Living’s Eastern States Division, “Funding this project is a signal that these much-needed communities are going to start moving forward again.”
Griffin Living was able to secure capital at a time when many other senior living developers have been struggling. “When we presented this opportunity to capital sources, several took interest. Ultimately, Reichmann International became the equity partner for the project, thanks to the efforts of Ari Aldertein at Meridian Capital Group. In addition, we have a great partner in our debt source, Renasant Bank, facilitated by Harry Joseph at Galaxy Partners.” Funding this project is a great sign for all senior living developers that capital is flowing back into senior housing. However, it is the unique vision of Griffin Living’s approach to senior living, as exemplified in the Varenita™ communities, that finalized financing, as Reichmann International has a long, storied history of capitalizing on innovative trends in the real estate development business.
“We are offering a product to this market that is simply unavailable elsewhere. This development will become a destination for the aging residents of Cobb County and those nearby who deserve the best and safest in assisted living,” said Paul E. Griffin III, Founder, CEO, and President of Griffin Living.
Located at the intersection of Mars Hill Road & Stilesboro Road, the approved 75,516 square-foot project has two floors, with 81 units, providing 23 for memory care and 58 for assisted living. The amenities include private outdoor spaces with balconies, patios, reflecting ponds, a dog park, a theatre, an outdoor fireplace with a seating area, an outdoor bistro cafe dining experience, gardens, an exercise room, walking paths, and an activity lawn. The entrance features a large fountain with an attractive porte-cochere.
Additionally, this Varenita™ community includes many features for virus protection that are difficult to retrofit, but can be integrated into new construction, serving as a model for future senior living developments in the post-pandemic era. These include state-of-the-art air filtration systems, air scrubbers, blue light sanitation stations, and in-room technologies for remote event participation.
Griffin says, “We’re delighted that Reichmann International and Renasant Bank saw our vision and partnered with us to give seniors the best of technology, lifestyle, and safety. At Griffin Living, we are building the future of senior living. This state-of-the-art Varenita™ community, as one of the first post-pandemic constructions, certainly represents that.”
ABOUT GRIFFIN LIVING
Griffin Living is an award-winning, privately-owned real estate development firm headquartered in Calabasas, CA that develops and maintains properties across the United States. We are committed to crafting innovative communities in partnership with community stakeholders, and apply our value-driven development philosophy to ensure that these properties represent strong investments for our capital partners. Our communities are rooted in the honor and dignity of aging, and we prioritize features and amenities that cater to residents’ independent, active, and vibrant lifestyles.
PAUL E. GRIFFIN, III BIO
Paul E. Griffin III is the Chief Executive Officer and President of Griffin Living, a privately held company that develops and operates senior living communities. Since founding Griffin Living in 2009, Paul has led the company as it has developed a steady stream of senior living communities throughout the United States. Prior to founding Griffin Living, Paul oversaw the development of a wide variety of projects, including residential homes, apartment complexes, retail centers, and commercial office space, amassing a career total of over $4.5 billion in assets developed.
Reichmann International is a global real estate investor and asset manager with more than 60 years of experience building, owning, leasing, financing and operating public and private real estate assets all over the world.
MERIDIAN CAPITAL GROUP
Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors, closing nearly $40 billion in financing across more than 250 unique lenders in 2020
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