An investor group comprising North River Partners, Crestline Investors, Mutual of Omaha and Millennium Bridge has closed a $54 million ground-up construction loan to fund a new senior housing project in Dripping Springs, Texas. The financing will support development of Serenova at Dripping Springs, a planned 175-unit independent living community targeting residents aged 55 and older.
The community is being developed by Edison Equity Residential, with Brownstone Group engaged as the general contractor. The parties did not disclose further loan terms or a development timeline, but the transaction positions the project to move forward from planning into active construction.
Serenova at Dripping Springs is planned as a hospitality-oriented independent living environment. According to the sponsors, the property will feature a pool, fitness and social spaces, a salon and spa, as well as housekeeping services and an on-site restaurant. The offering is designed to bundle a range of services into base rent, including meals, utilities, cable, internet, housekeeping and certain transportation services.
The project is located adjacent to the Headwaters master-planned community in Dripping Springs. Headwaters currently includes approximately 700 homes and is expected to reach roughly 1,000 homes at full build-out, positioning the new independent living property near a growing residential base.
Commenting on the investment rationale, Jeff Rosenfeld of North River Partners noted that Dripping Springs offers characteristics the group targets for senior housing investment, including a growing 55-plus population, favorable household demographics and limited recent delivery of comparable product. The investor group views those fundamentals as supportive of new independent living supply in the area.
With capital now in place, the Edison Equity Residential-led team can advance Serenova at Dripping Springs toward construction, adding new age-restricted housing options to the local market and expanding the region’s inventory of amenity-rich independent living product.
