Bronx, New York — It’s a milestone that’s taken more than a century to arrive. River’s Edge, the first continuing care retirement community ever built in New York City, has secured $632.9 million in financing — the largest senior living tax-exempt bond transaction in history.
Chicago-based investment bank Ziegler announced the deal, calling it a historic moment for the sector. At the helm of the project is RiverSpring Living, founded more than 100 years ago. Today, RiverSpring Living serves more than 18,000 New Yorkers daily across all five boroughs.
“Today we move one step closer to building River’s Edge and providing a future for our residents that is filled with enrichment, engagement, and community,” said David V. Pomeranz, president and CEO of RiverSpring Living. “We are thrilled to bring the first life plan community to New York City.”
What’s Being Built
The project’s first phase calls for an approximately 441,000-square-foot, 11-story building on RiverSpring’s campus in the Riverdale section of the Bronx. It will include 260 independent living units with one- and two-bedroom floor plans, along with a full suite of community amenities.
Proceeds from the financing will cover construction costs, 39 months of capitalized interest, debt service reserve funds, and issuance costs. Demand has been strong — more than 85% of the 260 independent living units had presales secured at the time of financing.
River’s Edge is regulated under Article 46 of New York State law as a Lifecare CCRC, overseen by both the Department of Health and the Department of Financial Services. Chicago-based Integrated Development II is serving as development consultant, marking the firm’s first not-for-profit project, though it brings deep experience from the for-profit CCRC sector.
Why This Matters for the Industry
The deal signals that investor confidence in senior living isn’t fading — even as many operators navigate the financial pressures reshaping the skilled nursing landscape. A $632.9 million bond deal, the largest of its kind, tells a different story: for the right project in the right market, capital is still moving.
New York City’s sheer density has long made traditional CCRC development impractical. Land is scarce, construction costs are sky-high, and the regulatory environment is among the most complex in the country. That RiverSpring pulled this off — on an urban campus, at record scale — is a genuine industry first.
Ziegler managing directors Chad Himel and Keith Robertson called it “a tremendous honor” to work on the transaction. The firm acted as senior manager on the bond deal.
With presales already exceeding 85%, River’s Edge appears to have plenty of momentum heading into construction. Phase two of the development hasn’t been announced yet, but RiverSpring says the project is designed to help the organization broaden its continuum of services across the city.
