OakNorth, the 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. The funds will support the acquisition of Bridgewater by Legacy Retirement, a newly constructed, Class A senior living community in Castle Rock, Colorado.
Situated on a 20-acre site at 3997 Home Street, the purpose-built community comprises 142 units across a full continuum of care, including 60 independent living units, 48 assisted living units and 34 memory care suites. Residents benefit from 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 — one of the fastest-growing suburban communities between Denver and Colorado Springs — benefits from strong household incomes and a 75+ population projected to grow well above the national average, against a continued local undersupply of senior living accommodation.
About the joint venture: The community was acquired by a joint venture between RJ Castle Rock Investments LLC, led by Rajiv Trivedi, and Western States Lodging and Management, which will also operate the community. Western States Lodging and Management is an experienced senior living operator with over 30 years of experience and more than $1.6bn in assets under management, currently running several communities across the US, including a nearby facility in Castle Pines, Colorado.