The property asset involved in this transaction is a multifamily development located at 361 Arbella Drive in Worcester, Massachusetts. The active adult community features 123 units and spans 17.36 acres. The loan associated with this property amounts to $39 million, designated as a bridge loan. The financing is intended for refinancing construction debt alongside funding for remaining amenity and property upgrades.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $39,000,000
• Address: 361 Arbella Drive
• Market: Worcester, MA
• Lender: Eastern Bank
• Landlord: The United Group of Companies, Inc
• Brokers: Henry Schaffer & Madeline Joyce - JLL
• Acres: 17.36
• Loan Type: Bridge

This transaction was facilitated by JLL Capital Markets, which arranged the bridge loan from Eastern Bank for The United Group of Companies. The deal focuses on the refinancing needs of the Arbella at Bramble Hill community, ensuring that the property can complete its planned improvements and operational updates.