Eastern Bank Provides $39M Bridge Loan for Worcester 55-Plus Community

United Group has secured $39 million in bridge financing for The Arbella at Bramble Hill, a 123-unit active adult community in Worcester, Mass., that finished construction earlier this year.

Eastern Bank provided the loan, which will pay off existing construction debt and fund ongoing work on the property, while a JLL Capital Markets team of Henry Schaffer and Madeline Joyce arranged the transaction.

Michael Uccellini, president and CEO of United Group, described working with Eastern Bank as “a highly efficient and seamless financing transaction.”

Schaffer noted in a statement how The Arbella addresses a need for housing for the 55-and-older population across Worcester, which stands at 17,000 homes with adults of that age. That supply/demand dynamic created a competitive marketplace for financing, he said. 

“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,” Schaffer said. 

Located at 361 Arbella Drive in Worcester, the second-largest city by population in New England, The Arbella at Bramble Hill is a three-building community of three-story assets featuring one- and two-bedroom apartments. The site sits on just over 17 acres and includes an 8,500-square-foot clubhouse that features a fitness center, a yoga studio, a wellness spa, an indoor pool, a golf simulator, and a theater. 

Other amenities for residents include pickleball, bocce ball and a dog park. 

Brian Pascus can be reached at bpascus@commercialobserver.com.