CRYSTAL RIVER, Fla. — FK Architecture has completed design work for The Fountains at Hidden Lake, an affordable seniors housing facility along Florida’s Nature Coast, and the project is now under construction. The seven-acre community will encompass 81,000 square feet of living space in addition to amenities space. Housing Trust Group (HTG) is developer for the four-story, $25 million community. It will feature 81 one- and two-bedroom units for residents over age 62 who earn at or below 40 and 60 percent of the region’s median income. Individual units, ranging …
Florida
STUART, Fla. — Allegro Senior Living has named Kaitlyn Oteri as the executive director of Alto Stuart in Stuart, a coastal city in South Florida. Alto Stuart features 91 units of assisted living and memory care. Oteri has over a decade of experience in leadership roles within senior living communities, most recently as executive director for Wickshire Port St. Lucie in nearby Port St. Lucie.
FORT WORTH, Texas — Sagora Senior Living, a Fort Worth-based operator, has taken over management of 17 senior living communities across Alabama, Florida, Nebraska, Oklahoma and Texas. Sagora expands its footprint in Vero Beach, Florida with the addition of two new communities: Heron Cove Assisted Living and Memory Care and Heron Point Independent Living. Both communities are located less than 10 miles from The Brennity of Vero Beach, another Sagora community. Sagora also recently opened Lynridge of Huntsville Assisted Living and Memory Care, expanding the operator’s Lynridge brand to a …
Aztec Group Arranges $55.6M Financing for Arcadia Gardens Active Adult Community in Palm Beach Gardens, Florida
PALM BEACH GARDENS, Fla. — Aztec Group has arranged $55.6 million in bridge financing for Arcadia Gardens, an active adult community located in Palm Beach Gardens. MetLife provided the loan to the borrowers, affiliates of the United Group of Cos. and Sina Cos. United Group also manages the property, which was developed in 2021. Situated on 10.6 acres, the age-restricted apartment community comprises 220 units reserved for residents age 55 and older.
The Integral Group Breaks Ground on 99-Unit Wellspring Apartments Affordable Community in Metro Miami
OPA-LOCKA, Fla. — The Integral Group has broken ground on Wellspring Apartments, an affordable seniors housing community in the Miami suburb of Opa-Locka. Wellspring Apartments will feature 99 units, 67 of which are reserved for residents earning below 50 percent of the area median income (AMI), and the remaining 32 units are for residents earning below 60 percent of AMI. The 81,350-square-foot property will feature a computer and library room, fitness center, community center with a full kitchen, and covered terrace. The project is a public-private partnership between Integral, Miami-Dade …
Distinctive Living Acquires Validus Senior Living Management, Expands Footprint in Southeast
FREEHOLD, New Jersey and TAMPA, Fla. — Distinctive Living, a New Jersey-based seniors housing operator and developer that is expanding nationally, has acquired Validus Senior Living Management, a Tampa, Florida-based operator. Headquartered in Freehold, N.J., Distinctive Living currently operates 46 communities and has 14 under development via its development services platform, Distinctive Living Development LLC. More specifically, the company operates and is developing active adult, assisted living, independent living, and memory care communities throughout the country. Validus is an owner, operator and third-party manager of senior living communities throughout the Southeast. …
Miami Beach Housing Authority, Atlantic Pacific Break Ground on 119-Unit Affordable Housing Community
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 …
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.
Pinnacle Breaks Ground on $41.2M Pinnacle at La Cabaña Affordable Community in Miramar, Florida
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 …
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.