Lucy Corr Village in Chesterfield County plans expansion
Lucy Corr Village, a continuing care retirement community in Chesterfield County, is looking towards the future as it explores plans to build additional independent living cottages and to create a home health-care division.
According to Lucy Corr, the expansions will be possible in part through $21.2 million in financing secured from SunTrust Bank.
With an estimated 20 percent of the population reaching 65 years or older by 2030, the need for varying types of long-term care is expected to rise.“The needs and expectations of seniors are constantly evolving, and it’s important that Lucy Corr is equipped to deliver on those expectations,” Derrick Kendall, CEO at Lucy Corr Village, said in a statement. “The financing from SunTrust Bank combined with their aging services industry expertise will help us as we embark upon this next chapter of growth and consider expansion to better serve our residents and the senior population overall.”
Lucy Corr Village is currently the only continuing care retirement community south of the James River that offers multiple levels of care, ranging from independent living to assisted living, skilled nursing and short-term rehab and adult day services. It started as a nursing home more than 40 years ago.
“These expansions would address two very timely trends that we are seeing in the industry: seniors’ desire to live independently for as long as they can and the growing demand for home health care,” said Evelyn Lee, senior vice president of SunTrust’s Aging Services practice.
SunTrust structured three separate loans to refinance Lucy Corr’s existing bond debt, resulting in interest cost savings that can be used for the future projects.
Located in the courthouse area of Chesterfield, Lucy Corr Village is a not-for-profit community that has offered assisted living and long-term care since 1970. The addition of Springdale cottages in 2008 and apartments in 2009 added independent living to the site.