A rendering of The Arbella at Bramble Hill. Photo Courtesy of JLL

Eastern Bank is financing a $39 million bridge loan for a recently constructed Worcester over-55 multifamily development.

The 123-unit, age-restricted Arbella at Bramble Hill was recently completed. JLL said it arranged the financing on behalf of the developer, The United Group of Companies Inc.

The bridge loan paid off the existing construction loan and will fund remaining improvements at the property.

“The establishment of our relationship with Eastern Bank marks an important step for our organization,” United Group President and CEO Michael J. Uccellini said in a statement. “Their collaborative approach and executional expertise resulted in a highly efficient and seamless financing transaction.”

The Arbella at Bramble Hill consists of three, 3-story residential buildings with 57 one- and 66 two-bedroom apartments averaging 1,049 square feet.

The 17.36-acre site also includes an 8,500-square-foot clubhouse with a fitness center, yoga studio, wellness spa and salon, indoor pool, bistro, multimedia theater, golf simulator and an outdoor kitchen with grilling stations. Residents also have access to on-site pickleball and bocce courts, a community garden and a dog park.

“The Arbella at Bramble Hill addressed a robust market need, as there is a rapidly expanding 55 and older population in Massachusetts yet there are limited market-rate active adult options for those residents. JLL Managing Director Henry Schaffer said in a statement. “Due to this and the strength of the asset and sponsor, we saw a significant amount of interest from banks, life companies and debt funds.”