Truist Financial Corporation (NYSE: TFC) announced today that it served as sole lender of a $42.4 million deal to support the refinance and expansion of Hillcrest, a not-for-profit continuing care retirement community (CCRC) in La Verne, California. The funding will be used to refinance existing debt and support the construction of new independent living cottage units, named Hawthorne Homes, to meet the rising demand for older adult housing in the Southern California area.
The new 24,000 square-foot development will consist of 14 independent, one-floor cottage and duplex units located on a 1.4-acre parcel on Hillcrest’s 50-acre campus. Each new home features a secluded patio that overlooks a shared outdoor courtyard with peaceful walking paths among gardens and trees. The new construction includes several environmentally friendly and sustainable features, including solar energy, rainwater reclamation, clerestory windows, and energy efficient appliances. Each home has an attached two-car garage and the neighborhood features an outdoor fitness area where residents can enjoy year-round wellness opportunities in the temperate Southern California weather.
Breaking ground this month and set to be completed by summer 2021, the project will create a variety of new jobs in construction, maintenance, and landscaping. Upon completion of the new units, the Hillcrest campus will consist of 240 independent living units, 48 assisted living units, a secured Memory Care neighborhood for up to 24 residents, and 59 licensed skilled nursing beds for a total of 371 homes, apartments, and care beds.
“As a hallmark for senior living, Hillcrest has created a trusted reputation and grown in response to the demand for senior care in Southern California,” said Yasamin Al-Askari, senior vice president with Truist’s senior care practice. “We are proud to partner with Hillcrest as they expand and continue to offer quality services that fit the needs of each individual resident.”
“Our mission at Hillcrest is ‘to serve and enrich the lives of older persons.’ To that end, we create living environments that are beautiful, safe, and pleasant and develop services that delight,” said Hillcrest President and CEO Matthew Neeley. “We are very thankful for our partnership with Truist, which has expanded the impact of our mission. Together we are providing each resident the opportunity to enjoy a happy and full life.”
Since its inception in 1947, Hillcrest has grown to become the center for older adult health and wellness in the surrounding area, serving not only its own residents, but also hundreds of other older adults who participate in its broad range of services and amenities, including an indoor, full-service aquatics and fitness center, an extensive library, two beauty salons, chapel, greenhouse, full scale woodshop, sewing room, two dining venues, and more.
Truist Financial Corporation is a purpose-driven financial services company committed to inspire and build better lives and communities. With 275 years of combined BB&T and SunTrust history, Truist serves approximately 12 million households with leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is the sixth-largest commercial bank in the U.S. with total assets of $504 billion as of June 30, 2020. Truist Bank, Member FDIC. Learn more at Truist.com.
Brethren Hillcrest Homes, Inc. is a California nonprofit public benefit corporation, which was incorporated in 1947 for the purpose of owning, maintaining, and operating homes for aging and elderly persons within the State of California. Hillcrest is located in La Verne, California and operates as a Continuing Care Retirement Community or Life Plan Community. Hillcrest offers a broad spectrum of services and care for eligible persons 62 years of age and older. The Corporation is exempt from federal income taxation as an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986. Learn more by visiting LivingAtHillcrest.org.
