Residential Development - Villa Theresa Haven - Clayco

Villa Theresa Haven

Project Description

The Sisters of the Most Precious Blood in O’Fallon, Missouri worked with our development team to renovate their existing 76,000 sq. ft. complex. The Sisters were seeking a financially advantageous plan to address the concerns with the changing needs of the Order by creating brand new livings spaces and amenities for the Sisters’ elderly care and skilled nursing component. A current 50-bed skilled nursing facility operated by the Order was unlicensed and without a physical plant capable of meeting licensing standards without substantial renovation. Licensing was necessary to allow the Order to share their facility with members of the larger community and receiving subsidies for providing care to less fortunate residents.

The development team created a financial plan which included state and federal historic credits and Brownfield financing from Environmental Improvement and Energy Resources Authority (EIERA). Combined with debt financing, the Order was not required to make any financial contribution to the project capitalization.

In addition to upgrading the skilled nursing facilities, the team also renovated a four unit independent living building and common areas, which included a commercial kitchen, laundry facility, chapel, pool, fitness, beauty, a wellness center, and on-site administrative space for the community’s management company.