{"id":498,"date":"2015-11-16T05:53:34","date_gmt":"2015-11-16T05:53:34","guid":{"rendered":"http:\/\/www.developco.com\/development\/?p=498"},"modified":"2015-11-17T04:50:34","modified_gmt":"2015-11-17T04:50:34","slug":"eastern-star-masonic-retirement-community","status":"publish","type":"post","link":"https:\/\/www.developco.com\/development\/eastern-star-masonic-retirement-community\/","title":{"rendered":"Eastern Star Masonic Retirement Community"},"content":{"rendered":"<p class=\"p1\">Eastern Star Masonic Retirement Community (\u201cESMRC\u201d) owns and operates a senior housing campus featuring independent and assisted living options at both affordable and market rents. Their assisted living building was opened in 1931 and was approaching obsolescence. ESMRC understood that they needed to expand and remodel their existing Assisted Living Campus or face not being able to meet their mission of providing social, physical and spiritual needs to their senior housing residents through high quality, cost-effective housing and services. ESMRC hired Development Advisors to help them evaluate their options and to guide them through the development process to minimize their risk. The expanded facility comprised 64,761 SF (68 dwelling units) and the total project costs equaled $15.8 million.<\/p>\n<h3>Assignment Highlights<\/h3>\n<ul>\n<li>Feasibility Study. Development Advisors produced a Feasibility Study that included a detailed development budget and pro forma for the proposed expansion, supporting market data, the likely attainable financing packages, and a schedule with associated cash flows. The feasibility study assured ESMRC that they should move forward with an expansion of their campus.<\/li>\n<li>Architect\/Contractor. Approval of the Feasibility Study led to the board approving funding to competitively hire an architect and contractor for pre-construction services.<\/li>\n<li>Finance Package. Upon completion of schematic design and associated construction pricing, DA recommended that a loan package be put together and that the owner take the risk of finalizing the design of the project in order to minimize construction inflation. DA created a Loan Package that was sent to 22 different lenders which resulted in six formal lender proposals.<\/li>\n<li>Entitlement. Advisors managed the approval process with the City of Denver that included zoning, subdivision, and construction reviews and approvals.<\/li>\n<li>Project Management. Managed the architect, general contractor, FF&amp;E, and low voltage requirements.<\/li>\n<\/ul>\n<h3>Results<\/h3>\n<ul>\n<li>Conducted debt sourcing process multiple lenders that generated multiple term sheets. ESMRC closed on a $13.2 million construction\/mini-perm debt facility with a permanent option that provided 87% of the funds required to build and lease the project.<\/li>\n<li>Saved more than $500,000 in construction inflation costs by recommending the client move forward with construction documents prior to final financing commitments.<\/li>\n<li>Saved $100,000 in construction interest by negotiating a 2.9% interest rate.<\/li>\n<li>Saved $150,000 in design fees by managing a competitive process with several qualified design firms.<\/li>\n<li>Negotiated $90,000 of savings in change orders after the pricing was submitted to the owner.<\/li>\n<\/ul>\n<p>Senior Living &#8211; Development<br \/>\nEastern Star Masonic Retirement Community<br \/>\nSize: 64,761 SF | 68 Apart<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ESMRC hired Developco to evaluate expansion options and to guide them through the development of an additional 68 senior living apartments on their existing campus. Developco helped ESMRC understand their target client, likely market rents, likely total project costs and then sources a loan for this $15.8 million project.<a class=\"more-link\" href=\"https:\/\/www.developco.com\/development\/eastern-star-masonic-retirement-community\/\">&nbsp;Read More.<\/a><\/p>\n","protected":false},"author":3,"featured_media":554,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,2],"tags":[],"class_list":{"0":"post-498","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-church-and-nonprofit","8":"category-projects","9":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Eastern Star Masonic Retirement Community - Development Advisors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.developco.com\/development\/eastern-star-masonic-retirement-community\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eastern Star Masonic Retirement Community - Development Advisors\" \/>\n<meta property=\"og:description\" content=\"ESMRC hired Developco to evaluate expansion options and to guide them through the development of an additional 68 senior living apartments on their existing campus. Developco helped ESMRC understand their target client, likely market rents, likely total project costs and then sources a loan for this $15.8 million project.&nbsp;Read More.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.developco.com\/development\/eastern-star-masonic-retirement-community\/\" \/>\n<meta property=\"og:site_name\" content=\"Development Advisors\" \/>\n<meta property=\"article:published_time\" content=\"2015-11-16T05:53:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-11-17T04:50:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.developco.com\/development\/wp-content\/uploads\/2015\/11\/front-500x200.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott McLean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Scott McLean\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.developco.com\/development\/eastern-star-masonic-retirement-community\/\",\"url\":\"https:\/\/www.developco.com\/development\/eastern-star-masonic-retirement-community\/\",\"name\":\"Eastern Star Masonic Retirement Community - 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