For Immediate Release: May 16, 2019
Contact: Kyle Tarrance, (404) 813-6064, SunTrust
ATLANTA – SunTrust Banks, Inc. (NYSE: STI) announced today it served as sole lender of a $37.5 million deal to support the refinance and expansion of The Orchard, a premier continuing care retirement community located in Ridgeland, Mississippi. The funding will allow The Orchard to refresh existing community spaces with cosmetic upgrades and construct a new 40-unit memory care facility.
Replacing the existing 13-unit facility, the new development will significantly enhance the community’s ability to provide memory care services for local residents. The expansion will allow The Orchard to accept male residents in need of memory care – an option not available with the current facility due to size and design restrictions.
The state-of-the-art project will feature more indoor and outdoor community spaces designed with memory care residents in mind. Construction will begin in summer 2019 and is expected to be complete by the following summer.
“The expansion will allow The Orchard to not only continue serving the local community, but expand quality care to others in need,” said Dennis Hurst, Commercial Banking relationship manager with SunTrust’s Aging Services practice. “We’re thrilled to partner with The Orchard and look forward to their continued success.”
A premier retirement community, The Orchard, an affiliate of Wakefield Capital, provides independent living, assisted living, physical rehabilitation therapy, memory care and skilled nursing services in the Ridgeland, Mississippi area.
“For over 30 years, The Orchard has demonstrated its commitment to the well-being and comfort of its residents,” said Ed Nordberg, Wakefield Capital Executive Chairman. “Thanks to SunTrust’s partnership and their expertise in the senior living industry, The Orchard is able to further serve its residents with high quality care and provide additional memory care services in the process.”
About SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of March 31, 2019, SunTrust had total assets of $220 billion and total deposits of $162 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
About The Orchard
The Orchard, Mississippi’s premier retirement community, is committed to meeting the needs of today’s seniors, at every stage. Independent living, assisted living, physical rehabilitation therapy, memory care and skilled nursing services, all on site, follow through with continuing care tailored to your unique situation. Worry-free retirement is the ultimate goal. From its start in the mid-1980s, the now seventeen-acre campus in Ridgeland puts Jackson’s medical hub, area retail outlets and the capital city’s many attractions within easy reach. Thirty-plus years later, succeeding generations continue to embrace those traditions and a bright future awaits. Please visit us at www.orchardretirement.com.
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