The company also will begin recruiting administrators this fall, including an executive director. When completed, Stoneridge Creek will employ approximately 450 people.
The construction loan represents one of the largest non-governmental construction loans signed since the beginning of the economic downturn, according to Justin Wilson, CLC's chief operating officer. Bank of America is leading the syndicate financing for the 46-acre project.
"Seventy-five percent of the homes in Phase I at Stoneridge Creek have already been reserved, reflecting a strong interest in the community and the lifestyle it will offer," Wilson said. "The demand was so strong that we just decided to expand the initial phase by more than 30%.
"Although it is extremely difficult to entitle and build a Continuing Care Retirement Community (CCRC) in California, the end product is worth the wait," Wilson continued. "No other CCRC offers the program we include: a high repayment with long-term care included, and the financial protection of a debt-free community."
Troy Bourne, vice president of CLC and the onsite marketing director for Stoneridge Creek, also attributes the demand for housing reservations to CLC's program, which features a comprehensive package of services, amenities, activities, dining and transportation with long-term care included. Nursing care is provided in an adjacent skilled nursing and assisted living center professionally staffed 24 hours a day.
Stoneridge Creek will offer several restaurant venues ranging from casual to fine dining, a library, billiard and card rooms,and a computer lab and business center.
Other onsite amenities will include a spa and fitness center; open-air pool, steam room and spa terrace; performing arts theater for musical and theatrical performances; movie theater and an art studio; and a woodworking shop. Outdoor recreational amenities will include tennis courts, a "short-game" golf course, dog park; walking and cycling trails, and bocce and croquet courts.
"Because of the success of this project, Phase I has been expanded to 415 independent living homes," Bourne said. "Completion has been set for the second half of 2013, with the first Stoneridge Creek residents expected to move in shortly thereafter."
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