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Fri, Aug 7
A Compendium of Property & Capital News
Aug 7
A Compendium of Property & Capital News

$20.5 Million Construction Loan for Future Assisted Living In Chicopee

August 08, 2018 - By The Real Reporter
Rendering: Chicopee Assisted Living at RiverMills

CHICOPEEFantini & Gorga arranged $20.5 million in first mortgage construction financing for Chicopee Assisted Living at RiverMills, an 80,000 SF to-be-built 95-room assisted living residence, located in the Chicopee Falls neighborhood of the city. The acquisition was lead by Jason Cunnane, Senior Director, and Tom O’Donnell, Principal.

Cunnane spoke on behalf of the team’s partnership. “We were delighted to have secured exceptional financing terms consistent with our client’s objectives, including a 15-year fixed rate term at the outset, 85% LTC, and non-recourse at project stabilization…the area’s need for a state-of-the-art assisted living community combined with strong local demographics, and a highly experienced development team created a compelling financing opportunity among capital sources with expertise in the senior housing and healthcare industry,” extolled Cunnane.

RiverMills will be located off West Main and Oak Street along the Chicopee River in the city’s historic RiverMills District. The project will be an elevator-accessible, three-story building and feature a mix of studios, one-bedrooms, and companion units. Approximately 20% of the units will be designated as memory care with access via secure wing. RiverMills will also set aside 20% of the assisted living units as affordable.