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Washington Trust Provides $19.1MM in Commercial Financing for Memory Care Facility

February 20, 2018, 07:00 AM
Filed Under: Real Estate

The Washington Trust Company recently provided $19.1 million in commercial financing to BSL Newton Development, LLC, and BSL Newton OpCo, LLC, for the construction of a 50-unit memory care facility in Newton, Massachusetts.

Developed by Benchmark Senior Living, a leading provider of senior living services in the Northeast, the new facility will include 50 units constructed in the former Farwell Building on the campus of Andover Newton Theological School. The building, which sits on 1.5 acres of land on the campus, will be renovated for re-use as a 61 resident memory care facility. Construction will include a two-story addition to the rear of the building totaling 54,750 square-feet of space.

“Washington Trust is excited to partner with Benchmark on their latest project to provide a new, high quality senior living option in Newton,” said Scott McCaughey, Vice President, Washington Trust Commercial Banking Group.

“We’re seeing a growing need for additional senior care in Newton and this project allows us to uniquely focus on providing outstanding services for those living with Alzheimer’s and other dementia-related memory loss,” said Kris Yetman, Benchmark’s Director of Development. “Our Mission is to Elevate Human Connection, and it’s our passion to offer individualized care to ensure our residents feel at home.”

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