Castle Peak Senior Care Center nets enthusiastic welcome from Eagle
April 24, 2014
In its first official action — that is if you don't count its $600,000 donation pledge — this week the town of Eagle gave an enthusiastic reception to the proposed Castle Peak Senior Care Community.
"I'm blown away. Really blown away," said Eagle Town Board member Luis Benitez after a Tuesday night presentation about the project.
Augustana Care, a Minnesota based non profit organization that owns and manages 23 senior care projects is partnering with Eagle County to build the 64-unit Castle Peak Senior Care Community. Augustana hopes to break ground in 2014 at its five-acre site located immediately north of Brush Creek Elementary School in the Eagle Ranch neighborhood. The 62,000 square foot project will include 22 skilled nursing beds, 20 assisted living apartments, 12 memory care beds and 10 transitional care units.
The projected cost for the project is $23.4 million. Eagle County purchased the care center site for $1.6 million and agreed to loan $4.4 million to make the project happen. That $4.4 million is a subordinate debt, meaning the county will be paid after other, primary lenders have their money. Augustana will contribute another $1 million in subordinate loan. That left a $16.4 million funding shortfall and the project received loan approval for $12 million from the USDA Rural Development's Community Facility Loan Program. The USDA loan has a 3.5 percent interest rate with a 40-year term, a key component in the project's financial structure.
After all the finances fell into place, the Castle Peak Senior Care Center still needed to launch a fund-raising campaign to generate the final $4 million needed for construction. In January, Augustana announced it had secured $3.6 million in donations and pledges and could proceed with design and construction of the center. The town of Eagle has pledged a $150,000 cash donation, to be paid in three $50,000 increments and $450,000 in fee reductions.
This week the town board debated the major development permit for the center, but there was little debate concerning the architectural and landscaping design.
"I am hearing quiet, but very strong support for the project," noted Eagle Mayor Yuri Kostick.
Members of the project team noted that during public meetings and open house sessions, members of the Eagle community have been generally supportive and enthused about the project.
The town's final approval for the Castle Peak Senior Care Center development permit is slated May 13.