BALTIMORE — SunTrust Banks Inc. has provided a $60 million loan for the expansion of Roland Park Place, a nonprofit continuing care retirement community in Baltimore.
SunTrust was the sole lender. The funding will back phase two of the project, including the construction of a new independent living tower. The eight-story tower will add 58 units, a rooftop penthouse club room, a salon and spa, and an indoor parking structure.
Located between the historic neighborhoods of Roland Park and Hampden, the community is located near universities, museums and performing arts centers.
“With more than three-fourths of the community already pre-sold, the expansion allows Roland Park Place to meet the undeniable demand for senior living services in the Baltimore area,” says Yasamin Al-Askari, senior vice president of senior care finance at SunTrust Bank.
The project is scheduled for completion by spring 2021.