Newmark Arranges Construction Financing for 187-Unit Development in Delray Beach, Florida

by Jeff Shaw

DELRAY BEACH, Fla. — Newmark has arranged construction financing for Holden of Boca/Delray, a 187-unit seniors housing development in the South Florida city of Delray Beach.

The borrower is a joint venture between Alliance Residential Company and a global institutional real estate manager.

Sarah Anderson, Ryan Maconachy, Chad Lavender, David Fasano and Ross Sanders represented the borrower in the financing efforts. A bank provided the construction loan.

The development, which will feature 89 independent living units, 76 assisted living units and 22 memory care units, has received site plan approval. A groundbreaking ceremony is scheduled for this month

Upon completion, The Arbor Company will operate the asset.

“The seniors housing market has continued to outperform nationally despite impacts from COVID-19,” says Anderson. “With approximately 20,000 age- and income-qualified individuals within a 15-minute drive of the development site, Holden of Boca/Delray will benefit from the incoming wave of pent-up demand for seniors housing.”

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