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FOR IMMEDIATE RELEASE:

Hamden, CT – December 2, 2009 – Whitney Center, a not-for-profit, nationally accredited Continuing Care Retirement Community, broke ground on its Renaissance Expansion project on December 2.

Planning for the project began in 2006 and an advance reservation program was initiated in 2008. Seventy percent of available units were pre-sold by summer 2009, which was a requirement of the expansion financing.

In the current economic climate, securing financing was complicated and came down to the wire. Just three hours before the groundbreaking ceremony, $89.895 million in tax-exempt bonds were secured to complete financing for the expansion. The Whitney Center Board worked closely with its development consultant, Eventus Strategic Partners, and the underwriter, Herbert J. Sims & Co. Capital Financing, to get the financing in place. The remaining money came from an equity contribution from Whitney Center itself.

In addition to the groundbreaking, Whitney Center celebrated another milestone on December 2: its 30 year anniversary. The community underwent renovations in 2004, but the Renaissance Expansion marks the first large-scale addition to the community since it was opened in 1979.

The Renaissance Expansion will occur in two phases. Construction on Phase 1 commenced immediately. Phase 2 is expected to begin in 2014.

Phase 1
• 87 new one-, two- and three-bedroom apartments
• A 218-seat Cultural Arts Center
• A glass-walled interior promenade called Main Street
• Art Gallery, salon/spa, business center, mailing center and expanded library along Main Street
• A new bistro/marketplace and an expanded and redesigned new main dining room
• Parking garage

Phase 2
• A new four-story Health and Wellness Center, replacing the current Health Center
• Two floors with 16 one-bedroom Assisted Living apartments
• 48 private rooms for rehabilitation, skilled nursing and memory support
• A new dining hall for Health and Wellness Center residents
• A holistic wellness center for any resident needing health counseling or consultation with staff nurses and visiting physicians
• Dedicated parking and entrance to the center

Eventus Strategic Partners, the senior living development services company formed in 2005 in a joint venture between Aegis Property Group and Lifescapes, is the development manager for Whitney Center.

“We’re proud to be part of the Whitney Center team for the Renaissance Project,” says Alan Wells, President of Eventus Strategic Partners. “It took working through a lot of complex issues and adapting the Project scope as financial markets changed significantly over the last year.  Getting the Project through all the planning and completing the financing was a great accomplishment for all the Project Team and, now, we look forward to being of continued service during the exciting phases from construction to opening.”

Team members also include SFCS Inc., a Roanoke, VA, firm specializing in designing and engineering for senior living communities as the architect; KBE Building Corporation (formerly Konover Construction) of Farmington, CT, as the general contractor; Dixon Hughes PLLC of Atlanta, GA, as feasibility consultant; and SB&A Consulting of Richmond, VA, as marketing consultant.

For more information, contact:
Stephanie Mellor 
Eventus Strategic Partners
(215) 253-7199
smellor@eventus-partners.com
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