Vista Prairie Senior Living project receives $7.1 million in C-PACE to complete $38 million capital stack

Minneapolis, Minnesota (July 1, 2024) - PACE Loan Group closed a $7.1 million PACE Loan on a 134-unit new construction, market-rate senior living facility in St. Francis, Minn. The 20-year loan complements a $30 million qualified tax-exempt loan on the project using Series 2023A Bonds with Sunrise Bank as the senior lender.

Located at 23440 Ambassador Blvd. NW, St. Francis, Minn., the Vista Prairie at Eagle Pointe Senior Living Community consists of 59 independent living units, 43 assisted living units, 24 memory care units, and eight care suites.  Construction started in June 2024 and is expected to be completed by 2025, with a total project cost of $47,580,000.

The PACE proceeds will be used to finance energy conservation and renewable energy measures including the building envelope, ENERGY STAR windows, HVAC, high-efficiency plumbing, and lighting systems and controls. The renewable and energy conservation measures are expected to save $368,613 annually with payback in 20 years.

“We are thrilled to have provided Vista Prairie Communities with C-PACE construction financing for the development of Vista Prairie at Eagle Pointe Senior Living Community. PLG worked closely with VPC and a consortium of banks in structuring an efficient capital solution for the project,” said Jerry Ellis, managing director, originations and head of loan structuring for PACE Loan Group.

Vista Prairie Communities is both the property manager and services provider for the site. VPC has provided senior living housing for 25 years across Minnesota, Wisconsin, Iowa, and Ohio. They recently launched their Aspire Life on Purpose to enhance residents’ quality of life in five critical areas: social, physical, intellectual, emotional, and spiritual.  They own and manage ten mostly rural properties offering assisted living, memory care, care suites, and respite care. 

“The collaboration and commitment of our partners have been instrumental in bringing this vision to life. Together, we are creating a vibrant and supportive environment where seniors can thrive by experiencing our Aspire – Life on Purpose™ Lifestyle Model. By living up to our mission, Vista Prairie at Eagle Pointe will be a community filled with joy,” said Jim Bettendorf, president and CEO, Vista Prairie.

The project team also included Pope Architects, and Bauer Design Build.

Media Contact:

Martha Nevanen

Martha@paceloangroup.com

651-492-5861