Chicopee Assisted Living at RiverMills, an 80,000-square-foot assisted living residence to be built in the Chicopee Falls neighborhood, recently received $20.5 million in first mortgage construction financing. 

“We were delighted to have secured exceptional financing terms consistent with our client’s objectives, including a 15-year fixed rate term at the outset, 85 percent LTC, and non-recourse at project stabilization,” Jason Cunnane, senior director at Fantini & Gorga, who along with Tim O’Donnell, principal, arranged the financing with a regional financial institution, said in a statement. “The area’s need for a state-of-the-art assisted living community combined with strong local demographics, and a highly experienced development team created a compelling financing opportunity among capital sources with expertise in the senior housing and health care industry.”  

RiverMills will be located off West Main and Oak Street along the Chicopee River in the city’s historic RiverMills District. The project will be an elevatored, three-story building and feature a mix of studios, one-bedrooms, and companion units. Approximately 20 percent of the units will be designated as memory care with access via a secure wing. RiverMills will also set aside 20 percent of the assisted living units as affordable.