Freddie Mac (NYSE: FRE) recently purchased a $46.8 million loan from PNC ARCS allowing an affiliate of Lazard Senior Housing Partners to refinance the Atria Rye Brook independent living senior housing community in Westchester County N.Y. The Atria Rye Brook is a 168-unit seniors living facility with studio, one- and two-bedroom garden style apartments and was built in 2004 in Rye Brook, N.Y. in Westchester County and is managed by Atria Senior Living Group. The property features a beauty parlor, fitness center, activity rooms, dining rooms, lounge and five elevators. Lazard Senior Housing Partners is an affiliate of Lazard Alternative Investments, a privately held investment management business.
“Freddie Mac met all our timeframes while delivering loan terms and proceeds as promised. The transaction was complex, yet Freddie Mac quickly worked to ensure a successful closing. Freddie Mac’s understanding of the seniors housing sector was the key to success in capturing this business. PNC ARCS and the borrower were pleased with the execution,” said Holli Leon, executive vice president for PNC ARCS.
“We were pleased that we could help get this property funded and do business with high quality companies like Lazard Real Estate Partners and Atria Senior Living Group,” said Mitch Kiffe, vice president of production and sales for Freddie Mac.