North River, Crestline Lend $24M for Georgia 55-Plus Community

Georgia developer Meridian Development has sealed a $23.5 million bridge loan to refinance a newly built multifamily community for people 55 and older in suburban Atlanta, Commercial Observer can first report.

North River Partners and Crestline Investors provided the loan for the Westcott property in Canton, Ga., that opened in early 2023.

Jeff Rosenfeld, managing partner at North River, said the deal underscores strong lending fundamentals for the 55 and over rental housing segment. 

“The U.S. is undergoing a demographic transformation that is reshaping the demand landscape for well-located senior housing,” Rosenfeld said.

Sean Robertson, managing partner at North River Partners, added that senior housing “represents a compelling near- and long-term real estate investment thesis,” aided by “demographic certainty” and “favorable economics.”

Located at 137 Reinhardt College Parkway 40 miles north of Atlanta, the four-story building comprises 120 apartments of one- and two-bedroom units that are all restricted to ages 55 and older. Community amenities include a club room, a pool, a fitness center, libraries and game rooms.   

Wes Davidson, director at Crestline Investors, said in a statement that the Westcott benefits from its proximity to health care institutions important to 55-and-older residents along with an “amenity-rich environment” that make it “an attractive option in a market with limited comparable supply.”

Meridian Development did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.