After a delay caused by the coronavirus pandemic, expansion plans at Eastmont Towers are back on track.
The senior living community at 6315 O St. announced last week that it has secured financing for the $50 million expansion.
Eastmont and its partner on the project, Washington-based nonprofit senior housing organization Transforming Age, said they are working with commercial bank Washington Federal and Ziegler, an investment bank, to finance the project.
“This project represents a major investment in east Lincoln and in Eastmont’s commitment to serve seniors for generations to come,” Eastmont Executive Director Andrew Fisher said in a news release.
The project was announced in June 2019 and construction had been scheduled to start last summer. However, the pandemic hampered the market for bonds, leading to the financing delay, said Melinda Stone, Eastmont's director of sales and marketing.
Sampson Construction is building the project, which includes a new building with approximately 50 apartments. Other parts of the expansion include an indoor pool, fitness center, performing arts center, bistro, sky top lounge, underground parking and some new outdoor courtyards and gathering spaces. The project is expected to be completed in late 2022.
Stone said half the units in the new building, which will be called The Stratford, have already been sold.
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