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JLL Arranges $145M in Acquisition Financing for 15-Community Portfolio Throughout the East

by Jeff Shaw

NEW YORK CITY — JLL Capital Markets has arranged $145 million in acquisition and capital improvement financing for two seniors housing portfolios. The first portfolio includes six properties throughout the Northeast, and the second comprises nine properties in the Southeast. JLL worked on behalf of the borrowers, Sculptor Real Estate and its operating partners, to secure two separate nonrecourse loans, one for each portfolio, through national banks. Each loan was fully underwritten without a syndication requirement. Additionally, JLL represented the undisclosed seller in the marketing and sale of the portfolios. …

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DevelopmentFloridaIndependent LivingNews

Lloyd Jones Breaks Ground on 159-Unit AVIVA Port St. Lucie in Florida

by Jeff Shaw

PORT ST. LUCIE, Fla. — Lloyd Jones has started construction of AVIVA Port St. Lucie, a 159-unit independent living community in the South Florida city of Port St. Lucie. The community features one- and two-bedroom options and is slated to open in spring 2023. Overlooking Lake Whitney, AVIVA Port St. Lucie will be near Town Center at St. Lucie West and across the street from a medical office center.

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AcquisitionsFloridaNewsSkilled Nursing

ESI Arranges Bankruptcy Sale of Two Skilled Nursing Communities in Florida

by Jeff Shaw

FLORIDA — Evans Senior Investments (ESI) has arranged the bankruptcy disposition of two skilled nursing communities in Florida. The bankruptcy stemmed from a medical whistleblower whose case resulted in a civil fraud judgment of $256 million. Both communities operated under the brand of Consulate Health Care, and filed for bankruptcy when the skilled nursing operating entities could not afford to pay the judgment against them. ESI was hired to represent the debtors in the sale of their assets, obtaining debtor-in-possession financing and providing a confidential valuation. Ultimately, after an auction, …

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DevelopmentFinanceFloridaNews

Colliers Mortgage Provides $23.4M Construction Loan for Seniors Housing Facility in Oxford, Florida

by Jeff Shaw

OXFORD, Fla. — Colliers Mortgage | Commercial Finance, a division of Colliers, has provided a $23.4 million construction loan for Stonegate at Wildwood, a 130-unit seniors housing development in Oxford, approximately 50 miles northwest of downtown Orlando. Stonegate at Wildwood will be a two-story property located on an approximately 3.9-acre parcel within an area commonly known as The Villages, a large master-planned, age-restricted community. The borrower is Stonegate Development Co.

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FloridaNewsPeople

Discovery Senior Living Realigns Flagship Portfolio, Names Cindy Crowley as National Brand Manager

by Jeff Shaw

BONITA SPRINGS, Fla. — Discovery Senior Living has completed a strategic realignment of its Discovery Village portfolio and announced the appointment of Cindy Crowley as national brand manager. Crowley will focus on a collection of Discovery Village communities in Florida, most of which feature large independent living buildings with separate continuing care offerings on the shared campuses. It’s the second national brand manager position established by Discovery, which designed the new role to better align leadership over common assets, enable future portfolio growth and efficiently allocate corporate resources to drive …

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AcquisitionsAssisted LivingFloridaNews

IPA Brokers Sale of 65-Unit Parkside in Port Charlotte, Florida

by Jeff Shaw

PORT CHARLOTTE, Fla. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Parkside Assisted Living and Memory Cottage, a 65-unit, 94-bed seniors housing community in Port Charlotte. The community was developed by a local neurologist and managed by his family upon his death in early 2017. Opening in October 2017, Parkside Assisted Living and Memory Cottage reached 62 perent occupancy prior to the pandemic. Occupancy decreased through 2020 and reached its low at the end of 2021. The building has three floors with …

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DevelopmentFloridaNews

Arbor Plans 187-Unit Community in Delray Beach, Florida

by Jeff Shaw

DELRAY BEACH, Fla. — The Arbor Company has unveiled plans for The Arbor at Delray, a 187-unit seniors housing community in Delray Beach. The luxury-style community, which is slated to open in early 2023, will feature 89 independent living apartments, 76 assisted living apartments and 22 memory care residences. The Arbor at Delray is a development of Alliance Residential Co. Arbor, which operates six other senior living communities in Florida, will operate the community when it opens. Eric Francese, a senior living professional in the local area for more than …

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Active AdultDevelopmentFloridaNews

United Group Opens Clubhouse at $47.8M The Sovana at Stuart in Florida

by Jeff Shaw

STUART, Fla. — The United Group of Companies has opened the clubhouse at The Sovana at Stuart, an active adult community in Stuart. The opening of the  8,472-square-foot clubhouse is the first building to debut at the $47.8 million development. The opening celebration featured tours of the amenity spaces, including a fitness center, movie theater, salon, game room and lounge. The community features 182 units in a mix of one- and two-bedroom apartments.

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Assisted LivingDevelopmentFloridaNews

Protea Capital Partners Opens Showroom at Sunscape Community in Boca Raton, Florida

by Jeff Shaw

BOCA RATON, Fla. — Protea Capital Partners has opened a showroom at Sunscape, a 100-unit assisted living and memory care community under cpnstruction in West Boca Raton. Protea Capital Partners is the developer, and Solvere Living will operate the community upon opening. Hedrick Brothers Construction is handling construction of the two-story luxury community. Irwin Partners Architectures designed the building, while Klang & Association Coral Springs is the interior designer. “Our research indicates there’s a growing need by families living in the West Boca area to have their loved ones nearby,” …

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Affordable HousingDevelopmentFinanceFloridaKeyBankNews

KeyBank Provides $69.8M Financing for Redevelopment of Affordable Housing Community in Tampa

by Jeff Shaw

ST. PETERSBURG, Fla. — KeyBank Community Development Lending and Investment and KeyBank Real Estate Capital have provided a total of $69.8 million for the redevelopment of Jordan Park Apartments in St. Petersburg. Norstar Development USA-CDL, a Buffalo, N.Y.-based affordable housing developer, and the St. Petersburg Housing Authority are working together on the project, the timeline of which was not disclosed. Jordan Park Apartments was originally built in 1939 on land donated by businessman Elder Jordan Sr. The 24-acre site contains single-family, duplex, triplex and quadplex buildings. The property’s former residents …

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