November 18, 2011
Senior housing developer McFarlin Group and its joint venture partner, Stroud Development, are pleased to announce the financing and immediate commencement of construction of Orchard Park of Odessa, a 97-bed senior assisted living and Alzheimer’s community in Odessa, Texas. Orchard Park of Odessa, located at 8050 Dr. Emmitt Headlee St., just east of Highway 161 and Faudree Road, is planned to open in Fall of 2012. Upon completion of construction, Orchard Park of Odessa will serve 57 assisted living residents and a separate secured wing will serve 40 Alzheimer’s and dementia care residents. The 70,000 square foot Orchard Park of Odessa building will be situated on approximately 4.5 acres of land directly across from the new MCH Health and Wellness Center. Orchard Park of Odessa will also offer three internal and beautifully landscaped courtyards, fitness, beauty spa, wellness and recreation areas and a therapy room. The daily operations for the community will be performed by Meridian Senior Living. Love Funding Corporation was the HUD insured lender. ICI Construction, Inc. is the General Contractor and Galier, Tolson and French Design Associates is the architect.
orchard Park of Odessa is sponsored by McFarlin Group (www.mcfarlin-group.com) and Stroud Development. Stroud Development is an affiliate of Stroud Properties, Inc. (the "Stroud") (www.stroudpropertiesinc.com) which enters its third decade as a privately-owned senior living and real estate company headquartered in Dallas, Texas. Stroud and its affiliates entered the senior living field in 1990 and have since been active in the development of 23 senior communities comprising 3,586 units and acquiring an additional 45 communities comprising 6,392 units. Stroud is privileged to have served as a founding member of National Investment Center for Senior Housing and has served in a leadership role for numerous trade associations. Stroud has been inducted to the Stifel Nicolaus Senior Housing Hall of Fame.
McFarlin Group is a developer and owner within the senior housing industry. The McFarlin Group has senior living experience that includes the planning, financing and development of over $1.7 billion in total project costs over the last 10 years and the development of 4,900 senor living units which includes the recently opened Orchard Park of McKinney, Orchard Park of Murphy and River Point of Kerrville. This is the third Orchard Park development within Texas by McFarlin Group.
For more information call (432) 847-4700.