$35M in financing secured for seniors community project in Worcester, MA
JLL Capital Markets led financing efforts for the 123-unit development
BOSTON, Dec. 6, 2023 – JLL Capital Markets announced today that it arranged $35 million in financing for The Arbella at Bramble Hill, a to-be-built, 123-unit, active adult seniors community in Worcester, Massachusetts.
JLL worked on behalf of the borrower, UW Senior, LLC, through the developer, The United Group of Companies, to secure a construction loan from Washington Trust.
The development will consist of three elevator-serviced buildings, offering one- and two-bedroom apartments, along with a clubhouse totaling 8,500 square feet. The buildings have been strategically designed with a compact footprint, allowing for ample green space, creating a peaceful and visually appealing environment for 55+ senior residents.
The Arbella at Bramble Hill is conveniently located in Worcester, within a five-mile radius of key interstates (I-290 and I-190), the Massachusetts Turnpike and Worcester’s commuter rail station, Union Station. The property’s immediate area also boasts a diverse range of amenities provided through The United Group’s signature SUN® program for residents to enjoy.
The expansion of the active adult population is one of the greatest demographic shifts in the history of the U.S., as individuals aged 55+ currently represent over 30% of the U.S. population. This age group is projected to increase substantially with growth estimates exceeding 12 million, creating a shortage of seniors housing. Advances in medicine and living standards have drastically improved life expectancy as well, and as a result, individuals in this age bracket are increasingly more active and independent, creating strong demand for age-restricted, active adult communities.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About The United Group of Companies
United Group is a full-service, vertically integrated leader in real estate development and management with over 50 years of industry expertise. This expertise includes over 25,000 units developed and acquired $4 Billion+ in completed projects, 2,000+ units in development and construction, and over 28,000 units managed. Our mission is to develop vibrant communities where our residents and commercial tenants of all ages, backgrounds, and interests- feel welcome, connected, and supported. We take pride in our award-winning lifestyle programs, firmly believing that where you live and work should be an experience that enriches and improves your life. We provide a place to call home and a space where businesses thrive in each community we serve. Our commitment to innovation sets us apart, ensuring that our investors, partners, and residents experience the true United difference.
About Washington Trust®
Founded in 1800, Washington Trust is recognized as the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust values its role as a community bank and is committed to helping the people, businesses, and organizations of New England improve their financial lives. The Bank offers a wide range of commercial banking, mortgage banking, personal banking and wealth management services through its offices in Rhode Island, Connecticut and Massachusetts and a full suite of convenient digital tools. Washington Trust is a member of the FDIC and an equal housing lender. Washington Trust is a subsidiary of Washington Trust Bancorp, Inc., a publicly-owned holding company which trades on NASDAQ: WASH. For more information, visit the Bank's website at washtrust.com or the Corporation's website at ir.washtrust.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.