Northland Networks recently closed a senior housing construction loan for a project in Ormond Beach, Florida (Daytona Beach MSA). RBS Development Group LLC, an experienced assisted living developer in the state of Florida, is building the community to feature 131 units of assisted living and memory care. Northland Networks served as exclusive placement agent for the $28.5 million loan participation, and Meridian Capital Group handled the transaction. This week, Northland also branched out of the seniors housing business to close a first mortgage loan for Sunview Medical Day, an outpatient behavioral health facility managed by Cedar Health in West Palm Beach, Florida. Northland once again served as placement agent on the deal.
