Tax-Exempt Bond Deal Recognized as Largest in Senior Housing Sector
RiverSpring Living has finalized $633 million in tax-exempt bond financing to develop River’s Edge, a major senior living community in New York City. The project is being recognized as the city’s first continuing care retirement community, as designated by the New York State Department of Health.
According to Ziegler, the specialty investment bank advising on the transaction, the financing represents the largest tax-exempt bond issuance ever completed in the senior living sector.
Project Overview
River’s Edge will be constructed on approximately three acres owned by the Hebrew Home at Riverdale in the Riverdale section of the Bronx. The development plans call for an 11-story, 441,000-square-foot building featuring 260 independent living residences.
Apartments will range in size from roughly 750 to 1,400 square feet and will include one- and two-bedroom layouts, according to bond documents.
David Pomeranz, president and CEO of RiverSpring Living, said the milestone brings the organization closer to delivering a vibrant and community-focused living environment for future residents.
Prime Waterfront Setting
Once completed, residents will have views of the Hudson River, the Palisades, the George Washington Bridge and the Manhattan skyline. River’s Edge represents the first phase of a broader two-part development plan.
The project is notable for introducing a continuing care retirement community — also known as a life plan community — into one of the nation’s most densely populated urban markets. Traditionally, such communities have been built in suburban settings due to lower land and development costs.
Financing and Demand
The tax-exempt bond financing will cover the full cost of development during an anticipated 39-month construction timeline. Proceeds are allocated toward both construction and facility outfitting.
At the time the financing closed, more than 85% of the 260 units had already been presold, signaling strong demand for high-quality senior living options within New York City, according to Ziegler.
Amenities and Site Plans
River’s Edge is designed as a full-service community with extensive shared amenities. Planned features include:
- Multiple dining venues
- Game and meeting rooms
- A multipurpose theater
- Library and arts-and-crafts studios
- Beauty salon and day spa
- Administrative offices
A wellness center will anchor the health and lifestyle component, complete with an indoor heated pool, fitness center and locker facilities.
Site improvements will also involve demolition of an existing structure, along with the addition of outdoor amenities such as pickleball courts and a dog park.
Source: Original reporting by Mark Heschmeyer, CoStar News.
