Tuesday, February 05, 2013

Work to Begin on Senior Residential Project

DALLAS—Nearly four years after initial planning work, Dallas-based Tradition Senior Living is poised to begin construction on its luxury senior living community on a high-profile tract of land near Central Market off Lovers Lane in Dallas.
The financial details of the project were not disclosed in an article in the Dallas Business Journal.
"This is a fantastic site," Jonathan Perlman, founder and CEO of the development firm told theJournal.  "Finding funding for projects this size is challenging, especially for a small group, but I think our partners and lenders financing this project speaks volumes about it."
Tradition acquired the 7.5-acre site at 5850 Lovers Lane, which had a dilapidated apartment community on it, from Compass Bank, the owner of the property after a foreclosure. It took years to abate and demolish the existing apartments before the developer could reroute utilities and rezone the tract, Perlman said.

Full article at: