Inspired Healthcare Capital LLC, a private equity firm specializing in senior housing investments, announced the start of construction on a development project in Creswell, Oregon.
Creswell is a 48-unit assisted living and memory care development with an approximate project cost of $17.8 million. Development of the project has been funded in part by proceeds raised via a private placement offering launched in January 2023 that raised $5.9 million.
The community will feature two sister buildings, each dedicated to one level of acuity, says IHC. Inspired Healthcare Capital’s has partnered with Nsite Development, Lucas Construction, and Volante Senior Living on the project. Upon completion, Volante will assume operations of the community. Volante currently operates 23 communities in 11 states, with more than 2,200 residents under their care.
“We are excited to have broken ground today and thrilled to see this project come to fruition,” said Patrick Lam, president of capital markets. “This project started in August of 2021 when we acquired the land and throughout the past two years, we have become a vertically integrated company. This allows us to be even more efficient in our development projects and gives us the ability to continue to provide the best-in-class offerings to our investors.”
Creswell is one of two Inspired Healthcare Capital development projects currently being developed in Oregon. Construction at their second project in Roseburg, Oregon is scheduled to begin in early October, according to the company.
Inspired Healthcare Capital LLC is an alternative investment sponsor that focuses on senior housing and has more than $1.3 billion in assets under management. Their investment offerings include Delaware statutory trusts, income funds and development funds.