- The newly constructed, purpose-built community, Bridgewater by Legacy Retirement, comprises 142 units across independent living, assisted living, and memory care;
- The facility is located in Castle Rock, Colorado — one of the fastest growing suburban communities between Denver and Colorado Springs;
- Demand for senior housing continues to rise, with the 75+ population in the local primary market area projected to grow significantly over the next five years.
NYC, US, 30th March 2026; OakNorth – the leading digital bank for entrepreneurs, by entrepreneurs – has provided a $21.5m loan to a joint venture between RJ Castle Rock Investments LLC and Western States Lodging and Management, to support the acquisition of a newly constructed, Class A senior living community, Bridgewater by Legacy Retirement, located in Castle Rock, Colorado.
Situated on a 20-acre site at 3997 Home Street, the purpose-built community comprises 142 units, including 60 independent living units, 48 assisted living units, and 34 memory care suites. Designed to provide high-quality, resident-centric accommodation, the community features private suites with en-suite bathrooms and kitchenettes, alongside communal dining areas, landscaped gardens, lounges, activity rooms, and dedicated wellness and care spaces.
Castle Rock is a rapidly growing suburban community located between Denver and Colorado Springs, benefiting from strong household incomes and favorable demographic trends. Within a 10-mile radius of the property, the population aged 75+ is projected to grow at a materially higher rate than the national average over the coming years, supporting long-term demand for high-quality senior living accommodation. Market data indicates a continued undersupply of independent living, assisted living, and memory care units in the area.
The community will be operated by Western States Lodging and Management, an experienced senior living operator with over 30 years of experience and more than $1.6bn in assets under management. The operator currently manages several senior living communities across the U.S., including a nearby facility in Castle Pines, Colorado.
The acquisition was also supported by $13.7m of Commercial Property Assessed Clean Energy (CPACE) financing from the Peachtree Group.
Rajiv Trivedi, Manager of RJ Castle Rock Investments LLC, commented on the transaction:
“We are excited to bring this high-quality senior living community to the Castle Rock market. The property has been thoughtfully designed to meet the evolving needs of today’s seniors, offering a continuum of care within a vibrant, amenity-rich environment. OakNorth has been a constructive and solutions-oriented financing partner throughout this process, and we look forward to delivering an exceptional living experience for residents and their families.”
Dylan Jagjivan, Director of Debt Finance at OakNorth, added: “Senior living remains a compelling asset class, underpinned by powerful demographic tailwinds and a growing need for purpose-built, high-quality communities that can provide a full spectrum of care. Castle Rock benefits from strong income levels, population growth, and limited competing supply, positioning this asset well for stabilization. We’re pleased to support Rajiv and the wider team on this acquisition and to continue expanding our presence in the U.S. senior housing sector.”
ENDS
Notes to editors
About OakNorth Bank plc
Launched in September 2015, OakNorth is the bank for entrepreneurs, by entrepreneurs. It was founded to address the persistent funding gap facing lower mid-market businesses – a segment that accounts for a significant share of economic output yet remains underserved by traditional banks.
To date, OakNorth has provided over $20bn in lending to thousands of entrepreneur-led businesses across the UK and US, supporting the creation of more than 70,000 jobs and generating more than £38bn in economic value. Throughout multiple economic cycles, the bank has maintained a highly disciplined approach to credit, delivering performance metrics that place it among the top 1% of commercial banks globally.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
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