The Sparta Direct Project (“The Landings of Chestnut Grove”), is the development, construction, and operation of a new Assisted Living and Independent Living Facility in Sparta, North Carolina.
Comprised of 37,936 square feet, the Landings of Chestnut Grove features 72 beds, housed in 24 assisted living units (40 beds) and 32 independent living units (32 beds). The Landings of Chestnut Grove is a traditional design, aiming to provide an affordable facility that caters directly to the middle-class demographic within the region. The Facility features desirable amenities such as a salon, bistro, wellness center, and activity rooms for residents to enjoy. The community officially opened on December 28th, 2021.
An equity investment of $1.0 Million from two (2) EB-5 direct investors was invested into the Project. Previous funding was separately obtained from six (6) Regional Center EB-5 investors. The new EB-5 direct proceeds were used to address construction cost overruns associated with the development and construction of the Project.
