NEW YORK: The two hundred and eightieth entry for the seniors housing Global Awards 2016 has been received.
Stoney Point Meadows, an 84-unit assisted living and memory care facility, is planned for land southwest of the intersection of 16th Avenue and Stoney Point Road SW in Cedar Rapids.
Developer Robert Sample, who developed West Ridge Care Center in northwest Cedar Rapids, said the $15.98 million project will be financed with a $12.25 million loan from the U.S. Department of Housing and Urban Development and $3.73 million of private equity investment.
Sample, who has developed seven previous senior-living projects in Iowa and Colorado, said the timeline for the project includes obtaining conditional HUD commitment in the next 60 to 180 days, completing construction drawings after the HUD Agreement, and getting final HUD loan approval.
