Developer Secures Million Loan for Senior Living Center in Fayetteville
Developer Receives Significant Financial Boost for New Construction
A major milestone has been achieved in the development of a new senior living center in Fayetteville. The project, designed to provide state-of-the-art facilities and services to seniors, has received a significant financial boost in the form of a .52 million loan. This substantial investment will significantly aid in the construction of the 117-unit facility, ensuring it meets the highest standards of comfort and care for its future residents.
Financial Details of the Loan
The loan has been secured through IPA Capital Markets, a leading division of real estate investment firm Marcus & Millichap. Key financial terms of the loan include a 5-year term, with a loan-to-cost ratio of 70% tied to the Secured Overnight Financing Rate (SOFR) plus 3.10%. This financing structure will provide the necessary stability to complete the project efficiently and effectively.
Project Details and Features
The senior living facility will be a ground-up development featuring 60 independent living units. These units will be designed with the utmost comfort and safety in mind, ensuring residents have a pleasant and secure living environment. The project’s overall design and amenities will cater specifically to the needs of seniors, providing an ideal living space for them to thrive.
Impact on the Fayetteville Community
The completion of this senior living center is expected to have a positive impact on Fayetteville and its surrounding communities. Not only will it provide quality housing options for seniors but also contribute to the local economy and infrastructure development. This facility will serve as an example of forward-thinking development that addresses the needs of the aging population.
