The Vista Prairie at Eagle Pointe Senior Living Community, located at 23440 Ambassador Blvd. NW in St. Francis, Minnesota, recently secured a $7.1 million PACE Loan from the PACE Loan Group to finance energy conservation and renewable energy measures for its new construction project. The loan complements a $30 million qualified tax-exempt loan on the project using Series 2023A Bonds with Sunrise Bank as the senior lender.
With a total project cost of $47.58 million, this market-rate senior living facility will consist of 59 independent living units, 43 assisted living units, 24 memory care units and eight care suites upon completion in June of 2025. The development team includes Pope Architects and Bauer Design Build.
According to Jerry Ellis, managing director and head of loan structuring for PACE Loan Group’s originations team: “PLG worked closely with VPC (Vista Prairie Communities) and a consortium of banks in structuring an efficient capital solution for the project.” This successful financing arrangement highlights PLG’s expertise in providing tailored financial solutions to meet specific needs within commercial real estate projects.
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