BMO Harris Funds $46.5M Development Financing for United Properties, Watercrest Community in Sarasota

SARASOTA, Fla. — BMO Harris Bank’s Healthcare Real Estate Finance group acted as sole lender for a $46.5 million construction loan for the development of a 198-unit seniors housing community in Sarasota.

The borrower is a joint venture between United Properties and Watercrest Senior Living Group. A name and timeline were not released for the Class A community’s development.

United Properties provides market expertise for ground-up development, redevelopment and acquisitions of value-add and stable investments. United Properties began developing and owning senior living communities in 2004. 

Watercrest Senior Living Group specializes in the development and operations of assisted living and memory care communities, market repositioning and advisory services.