Lenbrook Expansion on Track

Though Lenbrook only broke ground for its $116 million expansion called Kingsboro at Lenbrook in October 2019, already more than 60%, of the planned new homes have been sold. This solid sales success reflects an ongoing strong demand in the Atlanta market for top quality senior living, coupled with Lenbrook’s ability to acquire the necessary final financing of $106.7 million for this expansion thanks to its strong financial position.

Echoing Lenbrook’s financial strength, Fitch Ratings recently awarded Lenbrook Square Foundation, Inc. its “BBB-” Investment Grade rating, a one-notch downgrade from “BBB” – but with a desirable “Stable” Outlook. According to Fitch, if the completion of Kingsboro at Lenbrook and occupancy follow Lenbrook’s current projections, Lenbrook will regain its “BBB” rating within the next five years.

Fitch’s considerations for Lenbrook’s investment grade rating include Lenbrook’s strong market position, evidenced by pre-sales of more than 60%, and its solid operations, combined with an expected improvement in liquidity levels.

“We are delighted with this news from Fitch Ratings. It illustrates that even during these times, Fitch believes that we are one of the strongest financial profiles in the Life Plan Community segment,” says Chris Keysor, President and CEO of Lenbrook. “We are moving full steam ahead and look forward to welcoming the first of our committed depositors to Kingsboro at Lenbrook in late 2021.”

Kingsboro at Lenbrook offers sophisticated buyers independent living in elegant, spacious new homes in the heart of Buckhead. As part of Lenbrook, which was established in 1983 and is well-known as an engaged and involved community, its residents will be able to enjoy all of Lenbrook’s acclaimed services and amenities including five distinct dining venues and its magnificent Fitness Center, as well as a full continuum of on-site healthcare services. The expansion will have an enclosed, climate-controlled connector between Kingsboro at Lenbrook and the main campus. There will also be an on-demand shuttle service to the main campus. This expansion will bring Lenbrook’s total number of residences to 478 including independent living, assisted living, and Medicare-certified skilled nursing.

This month, Lenbrook will officially launch the customization process for these residences, enabling future Kingsboro at Lenbrook. residents to customize their new homes through a wide selection of top-quality finishes, lighting options, and other high-end architectural details.

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About Lenbrook (Lenbrook-Atlanta.org)

Lenbrook is the first and only Life Plan Community in Atlanta to achieve international accreditation by CARF (Commission on Accreditation of Rehabilitation Facilities). Founded in 1983, this not-for-profit senior living community in the heart of Buckhead enables its residents to enjoy the gifts of independence, good health and personal fulfillment through engaging programs and services. Its award-winning facilities also offer the security and convenience of excellent on-site, Medicare-certified healthcare services.

Kingsboro at Lenbrook is located on a four-acre parcel adjacent to Lenbrook’s established Buckhead campus. Kingsboro at Lenbrook will add 53 independent residences called Flats and Villas, scheduled to open in late 2021. The Flats are comprised of 39 residences in a five-story building with a variety of floor plans ranging from 1,700-3,200 square feet, while the Villas will consist of three buildings, each with four to five residences between 2,000 and 3,200 square feet. Visit www.lenbrook-atlanta.org or call 404-264-3386 for more information.