CHICOPEE, Mass. — Fantini & Gorga has arranged $20.5 million in first mortgage construction financing for Chicopee Assisted Living at RiverMills, an assisted living community in the Western Massachusetts city of Chicopee.
When completed, the three-story, 80,000-square-foot community will offer 95 units. It will be located along the Chicopee River in the city’s historic RiverMills District.
Approximately 20 percent of the units will offer memory care services. An additional 20 percent of the units will be reserved as affordable units.
The nonrecourse loan features a 15-year term, fixed rate and 85 percent loan-to-cost ratio.