Greystone Arranges $25.8M Construction Financing for Seniors Housing Community in Arizona
GILBERT, ARIZ. — Greystone has arranged $25.8 million in financing for the construction of a seniors housing community in Gilbert. The borrower was Fort Worth, Texas-based developer Aspens Senior Living.
A publicly traded bank provided the loan for the construction of The Aspens at Mariposa Point in the Phoenix suburb of Gilbert. The community is restricted to residents age 55 and older, and will feature 204 units.
The project is a joint venture between Aspens Senior Living, McFarlin Group and Pennybacker Capital. Construction began on the community in May 2017.