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PALM COAST, Fla. — Contemporary Healthcare Capital (CHC) has closed a $3 million mezzanine loan for Market Street Palm Coast, a 64-unit memory care development in Palm Coast, located between Jacksonville and Orlando.
CHC closed the loan with strategic partner Peninsula Alternative Real Estate, with United Community Bank providing the capital. The total financing package comes to $14.5 million and will fund the construction of the community.
The single-story community will total 45,490 square feet once completed. It is scheduled to open by July 2018. Watercrest Senior Living Group is the developer, owner and operator of the property.