Tuesday, April 16, 2024
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Affordable HousingDevelopmentFloridaNews

Miami Beach Housing Authority, Atlantic Pacific Break Ground on 119-Unit Affordable Housing Community

by Jeff Shaw

MIAMI BEACH, Fla. — The Housing Authority of the City of Miami Beach and Atlantic Pacific Cos. have broken ground on Vista Breeze, a 119-unit affordable seniors housing development. situated near the Normandy Shores Golf Course in Miami Beach. The property represents the largest affordable housing development to break ground in Miami Beach in 45 years, according to the developers. Vista Breeze will feature Miami modern (MiMo) architecture and include onsite parking, a community center and a business center. Units will be reserved for seniors earning no more than 80 …

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of 86-Unit The Palms of Ponte Vedra in Florida

by Jeff Shaw

PONTE VEDRA, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Palms of Ponte Vedra, an 86-unit assisted living and memory care community in the Jacksonville suburb of Ponte Vedra. Constructed in 2015, the two-story building sits on 14.5 acres.  The seller was a regional owner-operator in Florida. The buyer was a locally based regional owner-operator looking to expand its presence in Florida. The price was not disclosed Brad Clousing and Daniel Geraghty led the transaction for SLIB.

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Affordable HousingDevelopmentFloridaNews

Pinnacle Breaks Ground on $41.2M Pinnacle at La Cabaña Affordable Community in Miramar, Florida

by Jeff Shaw

MIRAMAR, Fla. — Pinnacle has broken ground on Pinnacle at La Cabaña, an affordable seniors housing community in Miramar, a northern suburb of Miami.  The $41.2 million project will feature 110 units in one- and two-bedroom floorplans. Construction is scheduled for completion in 2025. The development is part of a public-private partnership between Pinnacle and the City of Miramar.  Pinnacle at La Cabaña will offer 11 units to seniors earning up to 28 percent of the area median income, and the remaining units will be available to seniors earning up …

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FinanceFloridaNewsSkilled Nursing

CFG Provides $17.3M HUD Financing for Two Skilled Nursing Facilities in Florida

by Jeff Shaw

FLORIDA — CFG, a subsidiary of CFG Bank, has provided two HUD loans totaling $17.4 million to refinance debt on two skilled nursing facilities in Florida. The facilities feature a total of 261 beds. Further details were not disclosed. Tim Eberhardt and Ava Julio of CFG originated the transaction.

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Affordable HousingDevelopmentFinanceFloridaNews

CREI Holdings Receives $67M Construction Loan for Affordable Project in Metro Miami

by Jeff Shaw

SWEETWATER, Fla. — CREI Holdings has received a $67 million construction loan from Centennial Bank to build an affordable and workforce housing mid-rise building in Sweetwater, just west of Miami.  Construction of Li’l Abner III is set to begin in the second quarter of this year, with completion expected in the second quarter of 2026.  Coral Gables-based Burgos Lanza Architects and Planners designed the eight-story project, which features 328 one- and two-bedroom apartments. Of these, 40 percent will be designated for households with an income up to 80 percent of …

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Affordable HousingDevelopmentFloridaNews

HTG, AM Affordable Housing Open $44M Tucker Tower in Miami

by Jeff Shaw

MIAMI — Housing Trust Group (HTG), a leading multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have opened Tucker Tower. The $44 million affordable housing community for seniors age 62 and older is located in the Perrine neighborhood of southern Miami. Tucker Tower, the eighth joint venture between HTG and AM Affordable Housing, will be exclusively available to income-qualifying residents, ensuring accessibility to those earning at or below 25, 30, and 60 percent of the area median income …

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Assisted LivingDevelopmentFloridaNews

ANF Group Completes 121-Unit Providence Living at Pembroke Pines in Florida

by Jeff Shaw

PEMBROKE PINES, Fla. — ANF Group Inc. has completed construction of Providence Living at Pembroke Pines, a new assisted living facility and memory care facility in Pembroke Pines, Florida. The 114,003-square-foot community features 81 units of assisted living and 40 units of memory care. The project is located on 3.15 acres at the entrance to the Pembroke Pines City Center, approximately 20 miles north of Miami. Providence One Development and ANF Real Estate Group developed the property. ANF Group was the general contractor, while Providence Senior Living will manage the …

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AcquisitionsFloridaMemory CareNews

SLIB Brokers Sale of 60-Unit Rosecastle of Deerwood Memory Care Community in Jacksonville

by Jeff Shaw

JACKSONVILLE — Senior Living Investment Brokerage (SLIB) has arranged the sale of Rosecastle of Deerwood, a 60-unit memory care community in Jacksonville. The asset was built in 2015 on approximately 3.4 acres. The buyer was a Florida-based entity using a 1031 exchange. The seller and price were not disclosed. Brad Clousing and Daniel Geraghty led the transaction for SLIB.

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Active AdultDevelopmentFinanceFloridaNews

Pearlmark Provides $33M Mezzanine Debt for Active Adult Development in Jacksonville

by Jeff Shaw

JACKSONVILLE, Fla. — Pearlmark has provided a $33 million mezzanine loan for the development of RISE @ Glen Kernan Park, a 308-unit active adult development in Jacksonville’s Southside neighborhood.  Pearlmark closed the financing via its Pearlmark Mezzanine Realty Partners V LP investment vehicle. Benefit Street Partners provided the senior debt piece, the amount of which was not disclosed.  Taylor Williams of Walker & Dunlop arranged the project capitalization on behalf of the borrower, RISE, a locally based multifamily development firm with five other projects in the Jacksonville market. RISE @ …

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AcquisitionsAssisted LivingFloridaNews

Blueprint Negotiates Sale of 110-Unit Community in Lake Worth, Florida

by Jeff Shaw

LAKE WORTH, Fla. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 110-unit assisted living and memory care community in the Palm Beach-area city of Lake Worth. The property, which was not named, was sold as a value-add opportunity despite being Class A and opened in 2019. While the community never stabilized, it did experience positive momentum in 2022 and early 2023 and was around breakeven at launch despite supply pressure in the submarket, according to Blueprint. A national developer/investor sold the asset to Capital Senior Ventures …

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