LEXINGTON, SC—Senior housing is still turninginvestor heads even in secondary and tertiary markets. The latestexample is The Village at Southlake, a 122-unit senior independentliving rental community for workforce retirees in Lexington,SC.

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Drever Capital Management secured a $12.5million bridge financing through CBRE for thesenior living asset. The floating rate mortgage is a five-year,24-month interest-only term loan placed through a regional US bank.Drever plans to use the proceeds refinance existing debt and returnequity to investors.

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With this deal, Drever is translating itsmultifamily experience into moderately pricedsenior communities with no buy-in fees aimed at the workforceretiree who is looking for health, wellness, and new lifestyleexperiences. Frank Marro, president and CEO ofDrever, tells GlobeSt.com the firm's legacy family investors havean “active appetite” for acquiring and developing independentliving communities for workforce seniors as they retire.

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“We're tailoring our amenities and enhancements to a new-breedof seniors that include the first generation of baby boomers whoare environmentally sensitive yet still want value and lifestyleexperiences for their money,” says Marro. “Our Concierge ResidentServices is also an effective retention strategy that has beenproven to reduce turnover.”

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The Village at Southlake sits in a 13-acre park-like setting.The senior housing rental residences includeapartments, garden and patio homes and chalet cottages designed foractive workforce retirees that want affordable recreational andlifestyle experiences.

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Amenities include a nature and wildlife habitat preserve, alarge pond, walking trails, raised gardens, a, swimming pool,vaulted ceiling clubhouse, movie theatre, wine bar, a salon. A “fresh ingredients only” food program cooked on premises by anexecutive chef.

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Lee Wong, senior managing director and assetmanager of The Village at Southlake, tells Globest.com a winetasting and lecture was recently held in its new Wine Bar. “We hadover 200 attendees, virtually the entire community came out forit,” he says. A generation ago, you might have had 20 peopleshow up.”

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