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City of Powder Springs Celebrates $36,975,000 Economic Boost- Silver Comet Village

August 21, 2017

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City of Powder Springs officials, the Development Authority of Powder Springs, and project developers today celebrated the groundbreaking of Silver Comet Village, a $37 million, 154-unit licensed assisted living, memory care and independent living complex.

The largest private investment in the history of the city of Powder Springs, the project is expected to create more than 90 full-time health care and management jobs and 180 indirect jobs in Cobb County when it is completed.

“We are excited to get underway with our senior housing community,” said Philip Searles, partner in Searles Realty Advisors. “The advantages that Powder Springs presents, with strong market demand along with a supportive local government, will ensure the success of Silver Comet Village.”

“We are pleased to present our new venture with Red Leaf Development and are confident that our intention of creating a gracious living opportunity for our seniors will be apparent throughout construction and by our operators from SAGE Management,” Searles added.

Strategically located next to the 65-mile Silver Comet Trail near U.S. Highway 278 and Richard D. Sailors Parkway, the development will consist of two buildings designed by Rosemann & Associates, P.C. Each building will be a little more than 80,000 square feet for a total of 161,000 square feet. One of the buildings will be a 90-unit, 103-bed assisted living and memory care facility. The second building will be a 64-unit independent or supportive-living facility. The contractor, WDG Construction Group, broke ground this summer and has an estimated completion time of 18 months.

In June 2017, the Development Authority of Powder Springs issued a $36,975,000 bond for the new step-up senior living and memory care facility. Red Leaf Development, LLC and Searles Realty Advisors, the owners of the proposed senior living development, Silver_Comet_Village_239will use bond proceeds to finance the development and construction of the project and to cover the costs associated with issuing the bonds. SWIL, LP and SWAL, LP have provided all of the equity funding. The authority issued the bond to Powder Springs Senior Living, LLC with Robert Lubin, David Roos, and Philip Searles as the company managers.

WDG Construction Group of Indianapolis, Indiana is the general contractor and SAGE Management of Orange Beach, Alabama will be the operator once open.

Contact:
Dan Curran
DanCurran@CurranPR.com

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