In these uncertain financial times, continuing care retirement communities are often financially challenged due to significant debt. So it is encouraging to see one CCRC in the Triangle area that is paying off debt ahead of schedule. Galloway Ridge at Fearrington has recently paid off over $23 million in debt months ahead of an October 2013 due date.
Heather Rusnak, Executive Director/ Chief Executive Officer stated, “We incurred $60 million in new debt to finance our expansion in 2010 and it is indicative of our financial strength that we are able to pay more than a third of this ahead of schedule.”
The 50 acre campus expansion consisted of adding 67 independent living units and 53 healthcare units. Two new dining venues and a 49-seat cinema were added. Galloway Ridge at Fearrington also expanded its pub, library, arts studio, living room and salon. Galloway Ridge at Fearrington also built an out-patient Duke Primary Care Clinic and Rehabilitation Center that’s open to the public.
“A combination of bank financing and bonds supported the retirement housing venture and based on savvy strategic planning and management the project has been met with success and sustainability stated, Galloway Ridge at Fearrington Board President Dale Olbrich.”
The Wall Street Journal describes Galloway Ridge at Fearrington as “a prototype for future housing development for older Americans.” Galloway Ridge at Fearrington opened its doors in 2005 as a non-profit continuing care retirement community (CCRC). It’s located just eight miles south of Chapel Hill within Fearrington Village in Pittsboro, North Carolina.
Location : Pittsboro, NC
Contact Information : Heather Rusnak, 919-545-2215