Isakson Living Acquires Equity Interest in Peachtree Hills Place
Isakson Living, Atlanta's leading developer of Atlanta senior living communities, proves not all is doom and gloom in the housing industry. The acquisition allows Colonial Bank to focus on its core banking business and allows Isakson Living to move ahead with development plans on their new Atlanta senior living community, Peachtree Hills Place.
Atlanta, GA, July 17, 2009 --(PR.com)-- Isakson Living recently reached an agreement with Colonial Bank to acquire the bank’s equity interest in Peachtree Hills Place, Isakson Living's soon to be constructed 274-unit Atlanta senior living community that offers the full continuum of care.
"Colonial is a good bank operating in a tough environment," reported Isakson Living President Andy Isakson. "The acquisition allows Colonial to focus on its core banking business and allows Isakson Living to move ahead with our development plans."
"You will not see Isakson Living being the most aggressive developer when times are good, which is why you will not see us go away when times are tough either," said Isakson. "We try to be conservative in our approach and it benefits us in times like these."
"We recently renewed the financing on Peachtree Hills Place," Isakson explained. "We contributed $8.5 million in additional equity to pay our existing loan down in the amount of $2 million, posted a deposit for the next year's interest reserve and set aside $4.9 million for sufficient operating funds for the project. We have 42 percent leverage on Peachtree Hills Place, at a time when most projects in our industry are leveraged between 80 to 100 percent. We have ample equity and very little debt, and even as we move into the construction phase, our leverage will remain approximately 55 percent and banks are still lending under those conditions."
Peachtree Hills Place is currently over 50 percent pre-sold. Isakson reports that 35 more sales are targeted before starting construction later this year. "Sales slowed when the stock market crashed in October, as a lot of customers took a 'wait and see' attitude toward the economy. But we are now seeing sales start to pick back up," said Isakson.
"Everybody is getting realistic in this environment," continued Isakson. "Our customers have been successful in their lives and they didn’t get that way by sticking their head in the sand. Times are not always going to be good and you have to have a plan for your future that allows for the contingencies you may face, good and bad."
"Our Atlanta senior living residences are as nice as any luxury condo project, our services and amenities rival the finest hotels, plus we offer health care options and levels of service available nowhere else in the market. For most of our customers it costs less to live at Peachtree Hills Place than it does to maintain their current home. And for the same costs you get many additional services that you may need or find useful the next ten or twenty years as you age. It’s a smart move."
"If there is one thing my customer's generation taught us, it is, 'tough times don’t last but tough people do.' My customers certainly faced bigger challenges than this little recession,” said Isakson.
About Peachtree Hills Place:
Peachtree Hills Place is a residential Atlanta senior living community for people ages 55 and older seeking to live a secure, independent lifestyle with easy access to a continuum of healthcare. Peachtree Hills Place is being developed on the 23.3-acre site at the intersection of Peachtree Hills Avenue and Virginia Place, in the heart of south Buckhead, near Atlanta’s best shopping, dining and cultural outlets. The new, $300 million community will include 274 independent residences, 36 skilled nursing and memory care suites, a clubhouse, fitness center, and greenhouse. Peachtree Hills Place will address the total wellness of its members, with programs and facilities in place to help members blend a satisfying life through Physical, Psychological, Social, Spiritual, Intellectual and Occupational components. When health status changes, members will have access to an on-site health center. Life Care Services, LLC, a leading management company of senior communities in the nation, will oversee management and administration of Peachtree Hills Place.
About Isakson Living:
Isakson Living is Atlanta's leading developer of Atlanta senior living communities offering a continuum of care for adults ages 55 and older. Isakson Living upholds a personal and professional commitment to empowering members through groundbreaking wellness opportunities, concierge medicine and hands-on involvement in their communities. Isakson Living has won multiple awards for its flagship community, Park Springs in Stone Mountain, Ga., and Peachtree Hills Place in Atlanta, currently in development. For more information on Isakson Living, visit www.isaksonliving.com or call 770-559-4829.
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"Colonial is a good bank operating in a tough environment," reported Isakson Living President Andy Isakson. "The acquisition allows Colonial to focus on its core banking business and allows Isakson Living to move ahead with our development plans."
"You will not see Isakson Living being the most aggressive developer when times are good, which is why you will not see us go away when times are tough either," said Isakson. "We try to be conservative in our approach and it benefits us in times like these."
"We recently renewed the financing on Peachtree Hills Place," Isakson explained. "We contributed $8.5 million in additional equity to pay our existing loan down in the amount of $2 million, posted a deposit for the next year's interest reserve and set aside $4.9 million for sufficient operating funds for the project. We have 42 percent leverage on Peachtree Hills Place, at a time when most projects in our industry are leveraged between 80 to 100 percent. We have ample equity and very little debt, and even as we move into the construction phase, our leverage will remain approximately 55 percent and banks are still lending under those conditions."
Peachtree Hills Place is currently over 50 percent pre-sold. Isakson reports that 35 more sales are targeted before starting construction later this year. "Sales slowed when the stock market crashed in October, as a lot of customers took a 'wait and see' attitude toward the economy. But we are now seeing sales start to pick back up," said Isakson.
"Everybody is getting realistic in this environment," continued Isakson. "Our customers have been successful in their lives and they didn’t get that way by sticking their head in the sand. Times are not always going to be good and you have to have a plan for your future that allows for the contingencies you may face, good and bad."
"Our Atlanta senior living residences are as nice as any luxury condo project, our services and amenities rival the finest hotels, plus we offer health care options and levels of service available nowhere else in the market. For most of our customers it costs less to live at Peachtree Hills Place than it does to maintain their current home. And for the same costs you get many additional services that you may need or find useful the next ten or twenty years as you age. It’s a smart move."
"If there is one thing my customer's generation taught us, it is, 'tough times don’t last but tough people do.' My customers certainly faced bigger challenges than this little recession,” said Isakson.
About Peachtree Hills Place:
Peachtree Hills Place is a residential Atlanta senior living community for people ages 55 and older seeking to live a secure, independent lifestyle with easy access to a continuum of healthcare. Peachtree Hills Place is being developed on the 23.3-acre site at the intersection of Peachtree Hills Avenue and Virginia Place, in the heart of south Buckhead, near Atlanta’s best shopping, dining and cultural outlets. The new, $300 million community will include 274 independent residences, 36 skilled nursing and memory care suites, a clubhouse, fitness center, and greenhouse. Peachtree Hills Place will address the total wellness of its members, with programs and facilities in place to help members blend a satisfying life through Physical, Psychological, Social, Spiritual, Intellectual and Occupational components. When health status changes, members will have access to an on-site health center. Life Care Services, LLC, a leading management company of senior communities in the nation, will oversee management and administration of Peachtree Hills Place.
About Isakson Living:
Isakson Living is Atlanta's leading developer of Atlanta senior living communities offering a continuum of care for adults ages 55 and older. Isakson Living upholds a personal and professional commitment to empowering members through groundbreaking wellness opportunities, concierge medicine and hands-on involvement in their communities. Isakson Living has won multiple awards for its flagship community, Park Springs in Stone Mountain, Ga., and Peachtree Hills Place in Atlanta, currently in development. For more information on Isakson Living, visit www.isaksonliving.com or call 770-559-4829.
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Contact
Flammer Relations
Mike Reiman
770-383-3360 X 26
www.peachtreehillsplace.com/index.php
Mike Reiman
770-383-3360 X 26
www.peachtreehillsplace.com/index.php
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