NEW YORK CITY — Ziegler has arranged a $25 million bridge financing for RiverSpring Living’s River’s Edge project, a continuing care retirement community (CCRC) development in New York City.
RiverSpring Living owns and operates Hebrew Home at Riverdale, a long-term care community founded more than 105 years ago, located on a 32-acre campus overlooking the Hudson River in the Riverdale section of Bronx County.
RiverSpring Living enlisted Chicago-based Integrated Development II as its development consultant for the River’s Edge project, and Ziegler as its exclusive financial advisor. The development will be located on land leased from the Hebrew Home at Riverdale and is expected to be an approximately 441,000-square-foot, 11-story building with 260 independent living apartment units. The project will include one- and two-bedroom floorplans showcasing views of the Hudson River, the Palisades, the George Washington Bridge and the Manhattan skyline.
Christopher Utz of Ziegler’s seniors housing and care finance practice placed the transaction with Stride Bank N.A.
“Securing this financing is crucial for advancing our site preparation efforts,” says Daniel Reingold, president and CEO of River’s Edge. “River’s Edge is poised to become a premier CCRC, combining upscale luxury with a cosmopolitan lifestyle on a secure, walkable campus.”