JEDA Bonds Finance the New Lakewood Senior Living Center in Spartanburg County

Posted on October 5, 2017 - Success Story

Boiling Springs, SC — Spartanburg County

The $10.93 million bond issue through the South Carolina Jobs-Economic Development Authority (JEDA) is being used to help build a new assisted living and memory care facility in Spartanburg County.

Lakewood Senior Living will be a 60,000-square-foot, 66-room, 80-bed facility expected to create 55 new jobs after it opens later this year off S.C. Highway 9 in Boiling Springs. Additionally, the project will create approximately 60 construction jobs, said the developer, CR Senior Living LLC of Charlotte.

The financing consists of a $10,695,000 tax-exempt economic development revenue bond and a $235,000 taxable bond.

“The ability to utilize JEDA bond financing to build this center has been crucial to making this much-needed facility a ‘go’ for us.”
– Ryan Lambert, Managing Member of CR Senior Living

“We’re pleased to once again be able to help our client leverage favorable financing that provides both economic development benefit and important quality of life services,” said Emily Luther, Bond Counsel at Parker Poe Adams & Bernstein LLP in Columbia.

“An aging population in South Carolina is driving a growing need for senior residential care. Helping to meet that need is gratifying,” said Harry A. Huntley, CPA, Executive Director of JEDA in Columbia.