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Active AdultDevelopmentFloridaNews

RangeWater Plans 175-Unit Olea Beach Haven Active Adult Community in Jacksonville

by Jeff Shaw

JACKSONVILLE, Fla. — RangeWater Real Estate has acquired a 6.4-acre property in Jacksonville with plans to build an active adult community on the site. RangeWater plans to break ground in early 2022 on Olea Beach Haven. Plans call for a 175-unit, age-restricted community with one-, two- and three-bedroom units. Founded in 2006, RangeWater acquires, develops, manages and invests in multifamily communities across the Southeastern and Southwestern United States, with a $5.4 billion portfolio. RangeWater opened its first two Olea properties in Florida in August 2020 and says it experienced high …

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FinanceFloridaNews

Grandbridge Arranges $19.5M Refinancing for Starling at San Jose in Jacksonville, Florida

by Jeff Shaw

JACKSONVILLE, Fla. — Grandbridge Real Estate Capital has arranged $19.5 million in financing for Starling at San Jose, a seniors housing community in Jacksonville. The financing retired a bridge loan with Grandbridge’s parent company, Truist Bank. The community was built in 2017. Further details about the property were not disclosed. Richard Thomas and the Grandbridge’s Atlanta-based Seniors Housing and Healthcare Finance team arranged the financing.

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AcquisitionsFloridaNewsSkilled Nursing

Blueprint Brokers $51M Sale of Two Skilled Nursing Facilities in Florida

by Jeff Shaw

FLORIDA — Blueprint Healthcare Real Estate Advisors has arranged the $51 million sale of two skilled nursing facilities, on in Central Florida and one in Northeast Florida. The communities offer a total of 300 licensed beds near local medical centers. A Florida-based owner operator sold the properties to an undisclosed buyer in an off-market transaction.

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DevelopmentFloridaNews

Elevate Senior Living Breaks Ground on 55,000 SF Community in Clearwater, Florida

by Jeff Shaw

CLEARWATER, Fla. — Elevate Senior Living has broken ground on an independent living, assisted living and memory care community in the Tampa beach suburb of Clearwater. According to Elevate, more than 22 percent of Clearwater residents are seniors, and the percentage is expected to climb. Meanwhile, more than 14 million seniors in need of senior living services cannot afford what is currently being offered. As a result, the 55,000-square-foot community is meant to help serve the middle market. Elevate Senior Living at Clearwater will consist of six unique households that …

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Affordable HousingFloridaNewsPeople

LeadingAge Florida Appoints Rhanda McKown as Director of Affordable Housing

by Jeff Shaw

TALLAHASSEE, Fla. — LeadingAge Florida has appointed Rhanda McKown as its director of affordable housing. McKown joins LeadingAge Florida from the North Tampa Housing Development Corp., where she served as a local contract specialist. She has nearly 20 years of experience in various aspects of the housing industry and spent the last 15 years conducting management and occupancy reviews (MOR) under the Performance Based Contract Administration (PBCA) contract in Florida. “Through her previous work with our association and her work at the North Tampa Housing Development Corp., she knows many …

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of 98-Unit Savannah Grand of Maitland in Florida

by Jeff Shaw

MAITLAND, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Savannah Grand of Maitland, a 98-unit assisted living and memory care community in the Orlando suburb of Maitland. The community was built in 1998. A publicly traded REIT sold the asset to a regional owner-operator for an undisclosed price. The buyer has planned renovations to the asset. Bradley Clousing and Daniel Geraghty handled the transaction in SLIB. “This will be an excellent addition to the buyer’s portfolio,” says Clousing. “They will be able to utilize their construction …

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FinanceFloridaIndependent LivingNews

CBRE Arranges $37.2M Refinancing for Starling at Nocatee in Ponte Vedra, Florida

by Jeff Shaw

PONTE VEDRA, Fla. — CBRE has arranged a $37.2 million cash-out refinancing for Starling at Nocatee, a 140-unit independent living community in Ponte Vedra, a coastal suburb of Jacksonville. The community was built in 2019 and sits on a 6.5-acre site in the heart of Nocatee, a 15,000-acre master planned. The location is within walking distance of the Nocatee Town Center and directly across from the Splash Water Park, Nocatee’s signature amenity. CBRE originated a seven-year, floating-rate loan with three years of interest-only payments through its Freddie Mac OPTIGO lending …

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Affordable HousingDevelopmentFloridaNews

Public-Private Partnership Completes $23M Affordable Housing Community in Orlando

by Jeff Shaw

ORLANDO — A partnership between Orange County, American Residential Communities and New South Residential has completed Phase I of Madison Landing, an affordable seniors housing community in Orlando. The seven-story building features 110 units in 105,011 square feet on 5.4 acres. Development costs were estimated at $23 million. Winter Park Construction (WPC) is the general contractor for the project, Evans Engineering is the civil engineer, and Blue Skies Studios and DM Architect provided architectural services. Construction began in September 2020. Phase I units are reserved largely (90 percent) for households …

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AcquisitionsAssisted LivingFinanceFloridaNews

Thorofare Capital Provides $15.4M Acquisition Financing for 100-Unit Community in Palm Beach, Florida

by Jeff Shaw

PALM BEACH, Fla. — Thorofare Capital has funded a $15.4 million loan for the acquisition of Tequesta Terrace, an assisted living and memory care community in Palm Beach. Built in 2001, the asset features 100 units. The borrower is Alta Senior Living, a regional owner-operator. The seller was a New England-based owner-operator looking to exit its sole Florida asset. Blueprint Healthcare Real Estate Advisors brokered the transaction. The financing represents a 65 percent loan-to-value ratio and 48-month term with extension options. The transaction features future funding for capital expenditures.

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AcquisitionsFloridaIllinoisMichiganNews

CBRE Arranges Acquisition Financing for Seven-Property Portfolio in Florida, Illinois, Michigan

by Jeff Shaw

NEW YORK CITY and SOUTHFIELD, Mich. — CBRE National Senior Housing has arranged recapitalization and acquisition financing for seven seniors housing communities across three transactions on behalf of a joint venture between New York-based Monarch Alternative Capital LP and Southfield-based REDICO. Aron Will, John Sweeny, Austin Sacco and  Adam Mincberg arranged the financing. American House Senior Living Communities, an affiliated company of REDICO, will manage the communities The seven communities total 1,133 independent living, assisted living and memory care units in Florida, Illinois and Michigan. The Florida Portfolio comprises American …

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