CIBC Bank USA secured construction financing for an affiliate of Bourne Financial Group to build a 240-unit independent living community in North Carolina. Set to open later this year, Symphony Park is described as a “luxury resort for seniors,” and the amenity list shows it. There will be indoor and outdoor restaurants, lounges and a sports pub, gardens, a pool, culinary and music centers, pickleball courts, bocce ball courts and a dog park. There will also be a spa, salon and barbershop, among other amenities. The first phase will include the initial 240 units, and 80 more units will open in a second phase. Altogether, construction costs have been estimated to be $90 million, or $280,000 per unit. Park Avenue Lifestyle is the operator.
CIBC was the lead arranger for a $68.2 million construction loan provided to Bourne Financial Group. Ann O’Shaughnessy and Daniel DeWitt handled this transaction
