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Baltimore-based lender finances Fla. retirement community
Baltimore-based lender finances Fla. retirement community
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Capital Funding Group, a mortgage lender based in Baltimore, announced on Tuesday the closing of a $179.8 million construction loan on behalf of Erickson Senior Living, a nationwide manager and developer of retirement communities headquartered in Catonsville.
According to a release, the financing will support the first phase of construction for Emerson Lakes, a continuing care retirement community under development in Sarasota County, Florida. CFG closed the financing on Sept. 22.
Phase one of the Emerson Lakes project will include four structures: one community building and three residential buildings, according to CFG, with a total of 319 independent living units.
Upon full completion, Emerson Lakes is expected to be an 87-acre campus with 1,015 independent living units and 130 continuum care units. Erickson Senior Living is responsible for the development and management of the Emerson Lakes project.
“Our work with Erickson Senior Living underscores CFG’s ability to execute complex financings that bring transformative projects to life,” said Ken Assiran, CFG’s managing director for senior housing. “Erickson’s communities represent the future of senior living—where thoughtful design and long-term vision meet. We’re pleased to deliver the capital solutions that make this kind of innovation possible.”
A CFG statement says the near-$180 million in financing is the second construction loan the company has executed on behalf of Erickson Senior Living.
Last August, CFG closed a $185 million construction loan to support the first phase of construction for The Grandview, a retirement community still under development in Bethesda.
“Partnering again with Erickson reflects the strength of our relationship and our commitment to helping clients achieve their growth goals,” CFG President Erik Howard said.
“At CFG, we combine deep sector knowledge with the creativity and flexibility to structure large, multi-phase transactions that position our clients—and the residents they serve—for lasting success.”
