Huntington Capital has provided $3.5 million in financing to Summit Estates, a senior living community planned for South Reno.
San Diego-based Huntington Capital, which provides debt and equity financing to private, small- to mid-size companies, made the announcement May 21.
According to a statement from the company, Summit Estates, which will be located at 222 East Patriot Blvd., is a new 116-bed senior living community, consisting of 92 assisted living and 24 memory care units. The project is currently under development and expected to open its doors to residents in May 2016.
The community will consist of a 94,911-square-foot two-story building located on 6.25 acres. Huntington’s investment of $3.5 million will trigger a total of $15 million in investment capital being deployed into Summit Estates resulting in significant economic activity in the South Reno economy, the company said. During the course of construction, there will be approximately 150 full-time equivalent jobs created.
Upon its opening, Summit Estates is expected to create a total of 70 new jobs of which 52 will be full-time positions.
Huntington Capital is working with the Nevada Capital Investment Corporation and Hamilton Lane to create jobs through investing in high quality businesses and management teams located in Nevada. State Treasurer Dan Schwartz, chairman of the Nevada Capital Investment Corporation board of directors, commented, “the State Treasurer’s Office is pleased to be working with Huntington Capital and Hamilton Lane on this project. The facility not only brings needed jobs but a welcome residence for seniors to our state. This project marks one of our many future initiatives in Nevada.”
Summit Estates is a project of Mission Senior Living, a Dayton, Nevada-headquartered company that specializes in assisted living and memory care senior communities. Mission currently manages three assisted living and memory care communities in northern Nevada that have created employment for hundreds of people, the company said.
“We are excited to bring much needed Assisted Living and Memory Care services to South Reno and the surrounding area. This will allow residents of South Reno who have lived their entire lives here to continue to call Reno home without having to move somewhere else” said Darryl Fisher, co-founder and CEO of Mission Senior Living.
Huntington targets lower-risk deals with well-established companies that need between $2 million and $9 million in capital, and that generate annual revenue of $10 million to $75 million with positive cash flow. The firm usually eschews investments in riskier, early-stage technology startups.