(Arlington, VA – July 13, 2015) – National Cooperative Bank (NCB), a leading financial services company dedicated to serving cooperatives and housing communities nationwide, announced it has provided $22.5 million in financing to Baywoods of Annapolis, LLC, a 192-unit senior living facility at 7101 Bay Front Drive in Annapolis, Maryland. NCB Senior Vice President Bob Montanari arranged the $16.5 million first mortgage, accompanied by a $5 million line of credit for renovations and a $1 million working capital line of credit.
The continued care retirement home is structured as an age restricted cooperative housing community. It consists of 147 independent living units, and a medical facility with 45 beds that can be used for assisted living and nursing care. Located on Maryland’s Chesapeake Bay, the cooperative worked with NCB to refinance its original development loans taking advantage of lower interest rates and to fund future renovations to their health center.
“After examining the needs of the community, the board of directors at Baywoods of Annapolis turned to NCB, as the nation’s bank for housing cooperatives to assist with a package that would meet the financial requirements of the co-op.” said Mr. Montanari. “The Bank is proud to work with senior housing developments across the country, which offer residents continued comfort, care, and sense of community.”
The waterfront community offers residents an abundance of amenities, including parking, several dining venue options, a fitness center and indoor pool, a barber/beauty salon, convenience store, boardwalk and recreational pier, putting green and croquet court, woodworking shop, arts and crafts studio, library, and auditorium for performances, movies, and lectures. Baywoods is within proximity to the famed U.S Naval Academy and Quiet Waters Park.