Civitas And StoneGate Open EB-5-Funded Assisted Living Facility In East Dallas
Want to get a jump-start on upcoming deals? Meet the major Dallas-Fort Worth players at one of our upcoming events!
Assisted living community Simpson Place opens today in East Dallas. The 95k SF facility will house 150 units of low-income seniors.
The $15M facility was financed through the EB-5 program and a public-private partnership between Dallas Housing Authority, the City of Dallas, Federal Home Loan Bank, Amegy Bank, StoneGate Senior Living and the City of Dallas Regional Center. StoneGate will operate the facility.
Civitas Capital Group has managed the City of Dallas Regional Center, which pursues foreign investments including EB-5 funding, since 2009. Through the CDRC, Civitas has invested more than $320M of EB-5 capital in 18 projects in Dallas.
Qualifying residents of Simpson Place will pay no out-of-pocket costs. Rent and meals are funded by Social Security, Medicaid and Section 8 vouchers. Health amenities include short-term 24-hour nursing care, long-term care, rehabilitative services and home health services.