Jul 27, 201605:22 PMBlog
EB-5 financing brings new senior facility to Covington
Work has begun on a new senior living community in Covington, with the demolition of existing buildings from the former Weber’s Nursery making way for 98 residential units.
Senior housing finance firm Zenith Capital recently held a kickoff ceremony for the project, which the Zenith will finance for Seniority, an affiliate of American Baptist Homes of the West.
“As a former resident who spent ten years living in Covington, I am delighted to bring this beautiful and much-needed senior housing development to the community to care for the needs of the elderly that we all treasure,” said David Bovée, managing principal of Zenith Capital.
The aforementioned 98 units will be supplemented with senior care services such as assisted living and memory care. The community is expected to bring close to 100 new jobs to Covington and will be partially funded through EB-5 financing, a federal government program that injects foreign direct investment capital into local projects. In particular, funding for the community will come from Brazilian investors.
“It was great learning about Covington’s recent growth and Zenith’s new senior community playing an important part,” said Stephen Murphy, senior advisor to Latin America for Pacific Northwest Advisors, an international business consulting company located in Seattle. “Our Brazilian friends and investors also appreciated getting to know members of Covington’s community.”
Zenith expects the community to open in the spring of 2018.