Porters Neck Village expands: What's coming to the senior living community's next phase

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Editor's Note: This story is based on reporting originally published by Greater Wilmington Business Journal and has been reformatted for readability.

Porters Neck Village recently completed $55 million in fixed-rate bond financing to fund its next phase of development.

Key takeaways

• The bigger picture: Porters Neck Village recently completed $55 million in fixed-rate bond financing.
• The details: The next phase will add 67 new homes, a 27-unit apartment building and five village flats.
• The more you know: New amenities will include a courtyard gathering space, green spaces and walking trails. The first phase of the master plan was completed in 2023 and cost nearly $57 million.
• Looking ahead: Construction is underway, with completion expected in fall 2027.
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What's included in the next phase?

The proposed project, which broke ground this spring, includes:

• 67 new homes
• A 27-unit apartment building called Egret Landing
• Five village flats called Heron Cove
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The project will replace some of the community's original apartments as part of the next phase of its master plan.

How the project is being financed

The senior living community financed the project through HJ Sims, a Connecticut-based firm that, according to its website, specializes in originating, underwriting and funding loans for healthcare and housing projects.

The company also worked with Porters Neck Village to finance the first phase of its master plan in 2021.

A look back at Phase One

That first phase was completed in 2023 and included:

• 44 homes across four new buildings
• Indoor and outdoor dining venues and services
• A theater
• An arts-and-crafts room
• A game room
• Enhanced outdoor spaces

The first phase cost nearly $57 million.

New amenities planned

In addition to the new units, the second phase of expansion is slated to include:

• A standalone courtyard community space
• Green spaces
• Walking trails
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Porters Neck Village was created in 1988 on land donated by Champion “Champ” McDowell Davis, a retired railroad executive with a vision to create a thriving care community for older adults.

About Porters Neck Village

The community is currently home to nearly 300 residents and is managed by an Iowa-based firm, Life Care Services (LCS) Development.

LCS Development is managing the project with Clancy & Theys Construction leading construction and CJMW Design heading up its architectural design.

Construction timeline

According to Lisa Polanski, marketing director at Porters Neck Village, construction on the second phase is in progress, with Clancy & Theys working on building pads for the new homes this week.

The project is slated for completion in fall 2027.