USDA Loan Approval: A Major Step Forward
The Castle Peak Senior Care Community secured a $12 million loan in September through USDA Rural Development’s Community Facility Loan Program. Approval of the loan is a major step forward for the project and all who have been working on it.
The United States Department of Agriculture, Rural Development Community Facilities loan is a key component in the project’s financial structure. The $12 million loan at a 3.5% interest rate with a 40-year term will allow the project to be self-sustaining.
With the loan secured, the project’s design team will proceed with the final building design and approval processes required by the Town of Eagle and the Eagle Ranch Design Review Board. Augustana Care will continue to pursue licensing and certification from the State of Colorado.