Tyler’s Meadow Lake continuing care retirement community has been sold to Evergreen Senior Living Properties LLC (ESLP). Capital One Bank has provided a $15.5 million loan to finance the acquisition.

The 95-acre community opened in 2011, and has 117 independent living units, 20 assisted living units, 34 memory care units and 30 skilled nursing beds. It has lots for additional independent living homes, and more acreage that can be developed in the future.

ESLP acquired Meadow Lake in a bankruptcy auction. The original developer, Sears Methodist Retirement System Inc., parent company of Sears Tyler Methodist Retirement Corp., filed for relief under chapter 11 bankruptcy in June 2014 in federal district court in Dallas.

Capital One says it moved quickly to process the loan “to allow the borrower to acquire the property within five weeks of the auction,” according to a news release.

ESLP officials say residents needn’t be worried about big changes.

“I think they’ve got a good staff there,” said Brian Dowd, COO of ESLP management. “I think we’re first and foremost here to do some capital items that the prior owner couldn’t take care of. We’re really there to just help those on site be successful. We think it’s a great property, with a lot of good people there and a great spirit.”

The original project was estimated at $64 million in 2009. It provided about 300 construction jobs, and more than 80 permanent jobs.

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