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$39M Financing Will Repay Construction Loan

OWINGS MILLS, MD-The original construction loan for the development of Atrium Village, a 262-unit senior living community, gets paid off with the closing of a $38.5-million financing transaction. The borrower will repay the development partners for the original loan.

By Barbra Murray | Updated on November 21, 2005

(To read more on the debt and equity markets, click here and to read more on the multifamily market, click here.)

OWINGS MILLS, MD-The original construction loan for Atrium Village has been repaid, courtesy of the closing of a $38.5-million financing transaction. The borrowers–owners First Atrium Village Investment LLC, LifeBridge Health Systems and Genesis Eldercare subsidiary Genesis Health Ventures Inc.–used the proceeds from the seven-year permanent loan to pay the original institutional development partners for the cost of the 262-unit senior living property’s construction.

Andrew Weiss, Matthew Texler and Bob Neighoff of the Maryland office of New York-based Meridian Capital Group orchestrated the deal on behalf of the borrowers. Atrium Village has been refinanced before, with the owners having taken out a $16-million bridge loan on the property two years ago.

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