BOSTON- Fantini & Gorga recently 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.
“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,” stated Jason Cunnane, Senior Director at Fantini & Gorga, who along with Tim O’Donnell, Principal, arranged the financing with a regional financial institution. “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.”
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 elevatored, 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.