JR Wilcox, the founder of Baxter Senior Living, approached Venture North Group in 2017 with the concept of building a $28 million premium-quality assisted living community in Anchorage. JR had site control, had retained a knowledgeable industry consultant, and possessed excellent market research, however needed both equity and lending to make the dream a reality.
Venture North Group found the required $6.1 million in equity financing from local investors, the majority of that within three months of signing with JR. This included $1.8 million from VNG’s sister investment fund, Anchorage Equity Partners. We continued to assist the project as needed in securing its debt financing.
The 116-bed project opened its doors in October of 2019 to rave reviews. VNG is proud to have helped make this entrepreneur’s dream come true, and in the process created a large number of permanent jobs, while enhancing the quality of life for many Alaska seniors.