**LRT Company Launches DST for Rhode Island Senior Housing Development**
LRT Company, a land entitlement and ground lease finance firm, has announced the launch of LRT Coventry RI DST, a new Delaware Statutory Trust offering that seeks to raise $20.55 million in equity through an all-cash, Regulation D private placement targeting accredited investors.
The offering consists of a 14-acre parcel of undeveloped land in Coventry, a suburb of Providence, Rhode Island. The land is subject to a 50-year triple net ground lease, and will serve as the site of a new senior housing community. The planned development, known as Tiffany Laurel Reserve, will feature a 157,000-square-foot senior housing campus comprising 204 residential units.
This initiative marks a significant milestone for LRT Company. According to Lawrence LaBonte, founder and CEO, the project represents the firm’s first inclusion of low-income housing units within a senior living development. “For the first time, LRT Company will include a portion of low-income housing units – seniors in need of low-income housing are expected to be most affected by the projected shortage of senior housing in the coming decade,” LaBonte stated.
The Coventry development reflects growing efforts to address the increasing demand for senior housing options—particularly those serving residents at lower income levels—as the U.S. population continues to age.
