W. BRANDYWINE TOWN, PA-American Retirement Corp. obtains three loans aggregating $25.8 million from Dallas-based Guaranty Bank for expansion of Freedom Village at Brandywine near Coatesville in Chester County. Freedom Village, one of 76 senior living communities operated by Nashville-based ARC, is an entrance-fee continuing-care retirement community that now includes 292 independent living units as well as assisted living, Alzheimer's and skilled nursing units. It opened in 1998 and is 95% occupied.

Of the total funding, a $9.4-million construction loan is for the addition of 28 independent living units in two buildings called Terrace Homes at Brandywine. Groundbreaking is scheduled for first-quarter 2006 and completion is anticipated by the end of the year. Terms of the loan are undisclosed. The borrower intends to repay the debt from entrance fees as new residents move in. A call to ARC regarding the size of units and entrance fees was not returned by deadline.

An $11.4-million construction loan is being used to finance an ongoing 57-unit expansion of the healthcare center in the community, which will add 63 new assisted living units. This project, begun in July 2005, will also reconfigure the healthcare center to enhance services for dementia and skilled nursing care. It is expected to reach completion by July 2006.

Lancaster-based Warfel Construction Co is the contractor for both expansions. The additional $5-million term loan replaces a previous one.

The 76 ARC-operated communities in 19 states contain an aggregate of approximately 14,300 units for about 16,000 residents. Of the 76, ARC owns 18, has JV ownership in nine, leases 43, and manages another six under management agreements. Approximately 83% of ARC's revenues come from private pay sources.