The funding will be used, in part, to enable Seabrook Village to make a purchase deposit on the pending acquisition of the community from its developer, Erickson Retirement Communities of Catonsville, MD. Erickson will use the deposit money to pay off and satisfy existing construction loans and to further develop Seabrook Village, which is currently home to more than 400 moderate-income retirees.
Construction recently began on Seabrook's fourth residential building, and on its Renaissance Gardens extended healthcare facility. Both are scheduled to open next spring.
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