MARLBORO, Md. — BMO Harris Bank’s Healthcare Real Estate Finance group has closed on a $75 million credit facility to fund development of a seniors housing community in Marlboro, approximately 18 miles southeast of downtown Washington, D.C.
The borrowers are Largo Land Development LLC and Watermark Retirement Communities. The unnamed project will feature 219 beds of independent living, assisted living and memory care, as well as a separate, 64-unit active adult building.
BMO, acting as administrative agent, partnered with People’s United Bank and Webster Bank for the credit facility.
Richard Arnold and Jack Pechter, the principals of Land Development LLC, have over 80 years of combined real estate experience primarily in the Mid-Atlantic region. Upon completion, Watermark will operate the community.