Seniors housing construction may be slowing to a crawl, as is the lending market, but Cushman & Wakefield has bucked the trend and arranged both construction financing and joint venture equity for a development in South Portland, Maine. The team of Richard Swartz, Jay Wagner, Tim Hosmer and Sam Dylag advised the developer, Confluent Senior Living, on the deal.
The project will feature 123 units of assisted living and memory care, with an array of amenities, at a cost of $40 million, or $325,000 per unit. Its operator, Harbor Retirement Associates, broke ground on the community last month, and its location is ideal near both the largest mall in the state and Old Port Portland. Completion is expected for next summer.
Cushman & Wakefield placed a loan with M&T Bank and the joint venture equity with a private equity investor. It came with a standard term and a very competitive rate. Well done on getting the deal done during a very difficult time.
