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OWINGS MILLS, MD-The original construction loan for Atrium Village has been repaid, courtesy of the closing of a $38.5-million financing transaction. The borrowers–owners First Atrium Village Investment LLC, LifeBridge Health Systems and Genesis Eldercare subsidiary Genesis Health Ventures Inc.–used the proceeds from the seven-year permanent loan to pay the original institutional development partners for the cost of the 262-unit senior living property’s construction.

Andrew Weiss, Matthew Texler and Bob Neighoff of the Maryland office of New York-based Meridian Capital Group orchestrated the deal on behalf of the borrowers. Atrium Village has been refinanced before, with the owners having taken out a $16-million bridge loan on the property two years ago.

Atrium Village occupies an approximately seven-acre parcel at 4730 Atrium Court, just off I-795 in Baltimore County and about 14 miles outside of the City of Baltimore. Developed in 2001, the 241,000-sf facility consists of four wings in a six-story building housing independent-living residences, as well as assisted-living units. As per Baltimore County real estate records, the property has a current assessed value of $18.7 million.

Meridian officials reveal that the borrowers maximized the loan proceeds by offering evidence that the tenant level at Atrium Village will increase at higher-leasing rates. “Boston, Baltimore and Washington, DC all boast occupancy rates above 98%, which has lured many developers to the northeast, ” Marcus & Millichap notes in its September 2005 Seniors Housing Research Report. “ As a result, the majority of the 8,400 independent living units expected to be completed this year are located in the northeast.”

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