RiverSpring Living Begins Development of NYC’s 1st Senior Life Plan Community
The developer secured more than $630 million in financing for the project.
RiverSpring Living has broken ground on River’s Edge, a 260-unit luxury senior living development on its 32-acre property in the Riverdale section of the Bronx, N.Y. The project will be New York City’s first life plan, or continuing care retirement community.
The nonprofit organization recently secured $632.9 million in financing to fund construction of the 11-story, 441,000-square-foot building.
Ziegler, a specialty investment bank based in Chicago, and HJ Sims, a Fairfield, Conn.-based investment bank and wealth management firm, closed the largest senior living tax-exempt bond transaction for RiverSpring Living. The financing will be used for the first phase of the two-stage development, including construction of the building and amenity spaces. It will also fund capitalized interest for 39 months, debt service reserve funds for each bond series and costs of issuance. The bonds are being issued by BuildNYC Resource Corp.
Occupancy at River’s Edge is expected in December 2028. The sponsor has secured presales on more than 85 percent of the 260 residences.
RS Services, will manage the community. Perkins Eastman is the project’s architecture firm. Integrated Development II is serving as development consultant. Consigli Construction is the construction manager and general contractor.
Life on the river
Apartments at River’s Edge will range in size from 750 to 1,400 square feet. As a life plan community, the property will be designed to provide long-term financial security through a continuum of care that evolves with the residents’ needs.
Additionally, River’s Edge will provide an on-site concierge suite of services staffed by New York-Presbyterian doctors. Wellness amenities will include a Pilates studio, pickleball and tennis courts, an indoor salt-water swimming pool, a sauna and a fitness center. Common spaces will include a variety of dining options as well as a theater, a library, a beauty salon and a day spa.
Located just north of Manhattan along the Hudson River, River’s Edge will also have views of the New Jersey Palisades and the Manhattan Skyline.
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RiverSpring Living has been offering services including independent living, assisted living, skilled nursing, rehabilitation and home care, to older adults in the New York City area for more than a century. The Riverdale campus is also home to the Hebrew Home at Riverdale, which offers skilled nursing, rehabilitation and memory care.
In October 2021, the Hebrew Home at Riverdale teamed with Foxy Management to develop Arthur Avenue Apartments, a $91 million, 177-unit affordable senior housing development in the Bronx. It was the second venture for the partners.
Senior housing sector improving
The outlook for senior housing continues to brighten. The U.S. population aged 80 and above is expected to grow 36.6 percent over the next 10 years to 19 million. More than 10,000 Americans turn 65 daily, providing a demand pipeline for years to come.
In response to that demand, occupancy rates have increased across senior housing and nursing facilities. NIC reports that occupancy improved for the 19th consecutive quarter to 89.5 percent in the first quarter of 2026, up 230 basis points over the past 12 months. In the same period, stabilized occupancy surpassed 90 for the first time since late 2017.
However, the new supply of senior housing remains low. Net inventory growth has been under 1,000 units added in three of the last four quarters, according to NIC.
