Posted by John Borst on Mar 18, 2018
Harry Funk, Capital Coordinator, for Bridge Roads Development (BRD) described the progress he and his company are making to bring Dryden its first new seniors housing development in over thirty-five years.
The project began back in 2013 when Rotary was asked to convene a meeting to gauge the communities interest in such a venture. Although the road has been long and slow with many twists, Bridge Roads Development has completed a solid string of successful projects across Manitoba and Saskatchewan since 2007.
BRD goal is to raise sufficient capital to construct a 24 unit residence at 310 Van Horne at the corner with Wabigoon Drive. The City of Dryden commits to supplying the land. Units will range in size from 970 to 1,285 Sq. Ft. and the all-inclusive rents will range between $1,970.00 to $2,536.00 per mo.
Renters are also investors, as each puts up $65,000.00. That money provides a second mortgage at 3 percent interest. Thirteen renter/investors are committed, with another 11 needed to get the project into the next phase. Should a renter-investor have to move away, there is a “commitment of indemnity” to be paid out 90 days ($65,000.00) after vacating the property.
As Capital Coordinator, Funk’s goal is to raise $2.1 million. BRD is looking for an additional $500,000 from private investors and has committed $150,000 to the project. Those wishing to become investors can contact Funk at 1-204-856-6278.
Before creating Bridge Roads Development, with two other partners, Harry Funk ran one of the first TimberMart’s in the country. It was his mother who suggested the idea of building unique Seniors dwellings and the Securities Commission who advised him to appoint an independent trustee to acts on behalf of the tenant-investors. BRD’s experience with renter-investors is reduced maintenance costs and tenants who have a strong sense of ownership in the building.
Funk stressed the ultimate goal is to make this a made-for-Dryden facility, with the tenants feeling that they have ownership of the building. The complex, he said,  will provide a big economic boost for the City, noting it will keep seniors and their families in Dryden and may encourage others to move back to the community.
With the financing in place, Bridge Road Development believes it may be able to break ground on a new 3-storey, 24-unit seniors housing complex in Dryden this Fall.
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