LEXINGTON, Mass. — HJ Sims has closed $52.1 million in construction financing for the expansion and repositioning of Brookhaven at Lexington, a continuing care retirement community (CCRC) in the Boston suburb of Lexington.
Brookhaven opened in 1989 and is located on a 32-acre plot. The community underwent a previous expansion and renovation project in 2006. The current project follows a master-planning process that showed the need for more independent living units, significant renovations and a reconfiguration of the layout.
Entrance-fee payments from the new independent living apartments will help pay down the short-term construction loan. The total financing includes a $36 million construction loan to be repaid within two years of the independent living apartments opening in 2020, as well as a $16.1 million term loan maturing in 2030.
The construction loan features a floating rate to minimize interest cost. The current rate is below 3 percent. The long-term debt has a fixed interest rate of 3.89 percent to shield Brookhaven from interest rate increases over the 12-year term.