The Cedars of Chapel Hill (Chapel Hill, NC)

The Cedars of Chapel Hill is a $150 million, pre-sold, high-end retirement community on 47 acres in the heart of Meadowmont, an extraordinarily well-located, 435-acre, master-planned village within the university town of Chapel Hill, North Carolina. The highly successful, two-phased project includes a total of 300 residences and has been enjoying strong resales since the initial substantial sell-out. Phase I includes 192 residences, a private clubhouse and an on-site health center. Phase II includes 108 residences. The Cedars has attracted, and will continue to attract, affluent seniors seeking high-quality health care, the benefits of a home ownership model, and the security, convenience and luxury of the full range of health and other services that are available. Wells Hill was retained by The Cedars of Chapel Hill to capitalize the project, as well as to advise on the development process. For the development of Phase I, Wells Hill was able to raise $70 million of construction financing from a non-traditional source — the healthcare finance group of a multi-national banking institution, as well as mezzanine capital from a real estate investment fund that had not previously invested in retirement communities and equity from private investors. Upon the pre-sale of 70% of the residences in Phase I, Wells Hill raised an additional construction facility for the development of Phase II.