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MADISONVILLE - Though the recession has hampered sales at the $111 million senior living community, developers of The Stratford at Kenwood say the project is ahead of schedule with plans for a March opening. Nearly 80 residents have signed on for a home at the upscale 20-acre development. The commitments represent roughly 37 percent of the apartments and condos available for early sales.

"The demand remains strong, but in these economic times people are taking longer to make a decision and we're helping them through that process," said Wendy Horn, chief marketing officer for The Stratford Cos., the Indianapolis-based firm behind the project. Horn and her team can afford to take their time with sales because unlike other local projects built on speculation and heavily financed with short-term debt - The Stratford at Kenwood was secured with an equity financing deal with Toledo-based Health Care REIT. Equity financing essentially exchanges money for shares of business ownership, allowing companies to get funds for projects without incurring debt.

"In this economy, it means we've been buffered during the downturn," Horn said. When completed, the community will boast five dining venues, concierge service, personalized wellness programs and housekeeping among other services. Its 16-story residence tower will house roughly 215 apartments with one-, two- and three-bedroom options as well as five penthouses. In addition, 28 specialized apartments for residents with varied medical needs will be offered. Entry fees, which are 90 percent refundable to residents who leave, begin at $163,100 and go as high as $300,350. That's in addition to monthly service fees that start at $2,450.

Or, residents can choose to live at The Bluffs - a neighboring four-story building with 26 condos. There's no entry fee for The Bluffs and residents can choose specific amenity packages, instead of the all-inclusive approach. Prices begin around $400,000. The recession has led some individuals to go the route of renting - which eliminates the entry fee, but comes with a higher monthly fees, said Mark Marron, director of sales and marketing.

"At the end of the end of the day, the residents we talk to realize that despite what has happened with the economy, their changing needs are still the same," he said.