NEW YORK – Commercial Real Estate Finance (CRE-Finance) has created a new Senior Living Facilities Division within its firm. The expansion will cater to senior housing developments, with $60 million in financing to be arranged for two new assisted living and memory care facilities in New York and Ohio.
WRC Development Partners LLC has retained CRE-Finance to secure a $26 million construction loan for the 115-unit, 130-bed, Town Club Powell assisted living facility development in Columbus, OH. The development company also retained CRE-Finance to obtain $34 million in construction financing for a 132-unit, 172-bed, senior living facility in New Windsor, NY.
The industry is working to accommodate the increasing demand of senior housing in the US as the population continues to grow. AARP statistics state that 10,000 Baby Boomers will hit retirement age each day, from now until 2030.
Commercial Real Estate Finance LLC is a boutique real estate firm that specializes in short-term and long-term debt in the form of bridge, new construction and permanent financing.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
