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PLYMOUTH, MA- Northbridge Plymouth Assisted Living, LLC, an affiliate of the Northbridge Cos., has received $13 million in acquisition and construction financing to develop Stafford Hill Assisted Living Community, an 85-unit property.
The Burlington developer of assisted living and active adult communities plans to construct the units on the 6.1-acre site of a former nursing home at 60 Stafford St. Northbridge Plymouth Assisted Living plans to gut the existing nursing home for the new units and is also considering expanding the project at a later date to include 52 for-sale, independent living units.
Bill Kauffman, a healthcare finance specialist and vice president with Capmark Finance tells GlobeSt.com that Northbridge's reputation as a developer of senior housing helped secure the loan for the firm. "Their experience in managing, developing and turning around senior housing communities really attracted us to the transaction," he says.
Capmark Finance arranged the financing through Capmark Bank. The project is scheduled for completion in 2007, Kauffman says.
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