September 26, 2016

Windsor Manor Assisted Living Community

Windsor Manor, owner of senior living communities, has aggressive expansion plans, and recently turned to Paragon to finance and partner on the development of its fifth assisted living community in Iowa—Windsor Manor Nevada. A civil engineering firm that worked with Paragon in the past recommended Paragon to Windsor Manor. Paragon is now completing the assisted living/memory care facility in Nevada, Iowa, which will open in June 2011.

Project Objective

Finance and develop an assisted living/memory care facility with a budget of approximately $5.0 million. Located on a 5.6-acre site on the new Story County Medical Center South Campus, the facility will be licensed for a total of 70 beds in 40 units, which will highlight a dedicated 10-unit memory care wing.

Challenges

  • Establish a high-growth, multi-facility strategy for Windsor Manor throughout Iowa
  • Extremely stringent lender requirements due to the project’s rural location
  • Few qualified contractors located within the geographical market

Paragon’s Solutions

  • Completed an in-depth market study to ensure viability of a senior living community in the identified markets
  • Accessed available capital for an all cash purchase of the land and for the construction of the facility, with plans to secure bank financing at a later date
  • Hired qualified contractors, many of whom travelled outside their geographical markets

Results

Windsor Manor was able to utilize Paragon’s expertise in securing sites that fit their market demographic, financial and special use criteria, allowing them to focus on their core business and operations during the roll-out phase.

Windsor Manor seeks to continue a long-term partnership with Paragon, with plans to accelerate their growth strategy for new facilities throughout the state of Iowa.