The Lutheran Village at MILLER’S GRANT, a planned not-for-profit continuing care retirement community, has received its Initial Certificate of Registration from the Maryland State Department of Aging.
The Ellicott City community can now begin construction and expects to welcome residents in December 2015. Site work began this month. It will have room for 241 independent living residences, 20 assisted living suites and 12 comprehensive care beds.
The 50-acre parcel was donated to Carroll Lutheran Village of Westminster, the sponsor organization for The Lutheran Village at MILLER’S GRANT, by the Charles E. Miller family. The family also contributed land to the adjoining Miller Branch of the Howard County Public Library and Ellicott City Senior Center.
The Lutheran Village at MILLER’S GRANT placed nearly $103 million in public placement bonds on August 22, 2014 and $25 million in bank bonds, earlier in the month, to fund construction and related costs. The bonds were oversubscribed, indicating strong interest.
“The cost of financing the debt came in at $1 million per year below budget,” said Geary Milliken, President and CEO of Carroll Lutheran Village and The Lutheran Village at MILLER’S GRANT. “This strengthens the financial position of the community as it moves into the construction phase and ultimately into the occupancy phase within about 18 months.”
This article originally appeared on McKnight's
