WORCESTER, Mass. — United Group of Cos., through UW Senior LLC, has received a $39 million bridge loan for a recently completed active adult community located in Worcester. Henry Schaffer and Madeline Joyce of JLL Capital Markets secured the financing on behalf of the borrower.
United Group completed the development of The Arbella at Bramble Hill, which totals 123 units, in the first quarter of this year.
The community comprises three residential buildings with 57 one-bedroom and 66 two-bedroom apartments. Units at the property average 1,049 square feet. The Arbella also features an 8,500-square-foot clubhouse with a fitness center, yoga studio, wellness spa and salon, indoor pool, bistro and great room, multimedia theater, golf simulator, fire pit and outdoor kitchen with grilling stations. Amenities also include pickleball and bocce courts, a community garden and dog park.
Eastern Bank provided the loan, which will be used to pay off an existing construction loan and fund improvements at the property.