MALDEN, Mass. – Berkeley Point has closed a $16.2 million Freddie Mac 7-year floating rate term loan for Atria Senior Living and its partners. The loan refinanced existing first mortgage debt due to Mass Housing and facilitated the buyout of its tax credit equity partner.
Atria Maplewood Place is a 98-unit assisted living and memory care community located in the Boston suburb of Malden, Mass., approximately 20 minutes from downtown Boston. The community is operated by Atria Senior Living, a provider of independent living, assisted living, and memory care services for more than 20,000 residents at communities in 29 states and seven Canadian provinces.
At Atria Maplewood Place, 20 percent of the units are dedicated to residents whose income does not exceed 50 percent of area median income. The community has served senior housing residents since 1998.
“The Freddie Mac floating rate loan provided the financing capital needed and captured today’s very attractive floating interest rate environment,” says Doug Harper, director, who led the Berkeley Point Capital team to structure the Freddie Mac financing. “At the same time, it also provided the flexibility Atria Senior Living and their partners desired. ”