Additions and Renovations to Existing New England Assisted Living Facility
THE SITUATION:
This Assisted Living facility, originally built by Congress 20 years prior, needed additions and renovations to meet today’s consumer demand in the marketplace. Current plans needed to be redesigned and a Construction Finance Plan was also required.
THE ASSIGNMENT:
Congress was approached by a repeat client to participate in master planning and development of a 35,000 SF addition to and renovation of a 135-bed Assisted Living facility, and plan for a subsequent 40,000 SF future addition, including adequate mechanical and site accommodations for all three phases. Congress also was to work with the design team, to articulate a complete program and design to accommodate significant changes in the client’s existing and target markets, and develop a Construction Financing Plan.
THE PROGRAM:
Congress worked closely with its client to address interiors, low voltage and communication systems and MEP Systems planning for existing, to-be-built and then future phases of this Assisted Living facility, which was cost- effective and financeable.
Congress delivered an extensive value engineering, including all structural systems, MEP Systems, finishes and revised improved layouts to the project, creating a cost effective and financeable project.
Congress developed a Construction Financing Plan that included retiring of existing debt, refinancing the existing AL Facility, the new construction loan, and adequate capital for fill-up of the facility, totally utilizing the existing equity in the project, with no cash infusion.
THE FINAL RESULT:
The project was completed two months ahead of schedule and remains one of the most successful Assisted Living projects in the New England states.
THE CONGRESS DIFFERENCE:
- Project Development and Construction Expertise
- Value Engineering process to meet customer’s and lender’s budget
- Assist in financing design to meet the customer’s needs, target market, and the project requirements