National committed 90% of joint-venture equity to develop The Club at Briarcliff Manor, a Continuing-Care Retirement Community (CCRC) in Westchester County, NY.  Sitting at the former site of the historic Briarcliff Lodge Hotel, the community will offer 385 living units, which include Independent Living Units, Care Center Units, and Fee Simple Homes.  The 325 Independent Living Units are broken down into four types of residences: apartment, townhome, villa and single-family.   

National partnered with Chicago-based developer Integrated Development Group (IDG) on the project and made its investment in May of 2007.  Both partners have substantial familiarity with CCRC development, and clearly acknowledge the increasing demand for this product, given the nation’s changing demographics.  In Westchester County alone, data indicate that there are ~6,000 households aged 75+ with incomes exceeding $75,000 per year and having home values exceeding $500,000.  These figures bode well for The Club at Briarcliff Manor.  

Project completion is expected in late 2012.  National’s staff will continue to work closely with the Managing Member’s development team in order to ensure that our mutual goals for this investment are progressing forward in a timely and effective manner.