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Seniors Development Lands Construction Loan in Delray Beach
As exclusive advisor to a joint venture between Alliance Residential Company and a global institutional real estate manager, Newmark secured a construction loan for the development of Holden of Boca/Delray in Delray Beach, FL.
Financial terms weren’t disclosed. The development project is a Class A, 187-unit seniors housing project slated to break ground later this month.
Newmark managing director Sarah Anderson, co-heads and vice chairmen of the company’s Healthcare and Alternative Real Assets group Ryan Maconachy and Chad Lavender, senior managing director David Fasano and managing director Ross Sanders represented the borrower in the financing efforts. The construction loan was provided by a bank lender.
The community will be operated by the Atlanta-based Arbor Company.
“With approximately 20,000 age- and income-qualified individuals within a 15-minute drive of the development site, Holden of Boca/Delray will benefit from the incoming wave of pent-up demand for seniors housing,” said Anderson.
- ◦Financing
