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$35M Construction Loan Kickstarts Three-Building Worcester Project

By Steve Adams | Banker & Tradesman Staff | Dec 11, 2023 | Reprints | Unlock Link

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Image courtesy of JLL

A senior living developer is beginning construction of a 123-unit project in Worcester after receiving $35 million in construction financing from Washington Trust.

The Arbella at Bramble Hill will include three buildings containing one- and two-bedroom apartments for 55-and-over residents and an 8,500-square-foot clubhouse.

JLL’s capital markets team sourced the loan for the borrower, UW Senior LLC.

The developer acquired the 17-acre property at 757 Salisbury St. for $4.9 million in July, according to data compiled by The Warren Group, publisher of Banker & Tradesman.

Troy, New York-based United Group of Companies has developed senior living, multifamily housing and student housing projects in 11 states.

B&T Daily