North River Partners, Crestline Investors, Mutual of Omaha and Millennium Bridge announced the closing of a $54.0 million ground-up construction loan to finance the development of Serenova at Dripping Springs, a 175-unit independent living community in Dripping Springs, Texas.
The project is being developed by Edison Equity Residential. Brownstone Group will serve as the general contractor.
Serenova at Dripping Springs will offer a hospitality-oriented residential experience with a pool, fitness and social spaces, salon and spa, housekeeping services and an on-site restaurant. Base rent is expected to include a range of services, including meals, utilities, cable, internet, housekeeping, and certain transportation services.
Jeff Rosenfeld of North River Partners. “From an investment perspective, Dripping Springs has the combination we look for: a growing 55+ population, strong household demographics and very little recent product.”
The project will be situated adjacent to the Headwaters master-planned community, which currently includes approximately 700 homes and is expected to reach roughly 1,000 at completion.
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