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 Regulation D private placement Delaware Statutory Trust offering. The all-cash investment seeks to raise $20.55 million in equity from accredited investors.
The offering centers on a 14-acre parcel of undeveloped land located in Coventry, a suburb of Providence, Rhode Island. The site is under a 50-year triple net ground lease as part of a development plan to construct Tiffany Laurel Reserve, a 157,000-square-foot senior housing campus. Upon completion, the facility will include 204 residential units.
This project represents a significant milestone for LRT Company. “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,” said Lawrence LaBonte, founder and CEO of LRT Company.
The Tiffany Laurel Reserve development is expected to help meet the growing demand for senior living options in the region while also addressing critical affordable housing needs for older adults.
