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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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FinanceFloridaNews

JLL Arranges $57.5M Refinancing for Windsor at Celebration in Florida

by Jeff Shaw

CELEBRATION, Fla. — JLL Capital Markets has arranged a $57.5 million refinancing for Windsor at Celebration, a 239-unit seniors housing community near Orlando in Celebration. JLL worked on behalf of the borrower, a partnership between Square Mile Capital Management and Big Rock Partners, to secure the five-year, floating-rate, non-recourse loan through a large debt fund. Built in 2018, Windsor at Celebration features 133 independent living, 73 assisted living and 33 memory care units in a mix of studio, one- and two-bedroom suites averaging 853 square feet. Joel Mendes, Chris Drew …

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CCRCDevelopmentFloridaNews

FK Architecture Designs 155-Unit Expansion at Westminster Baldwin Park in Orlando

by Jeff Shaw

ORLANDO, Fla. — FK Architecture has completed design work for the second phase of Westminster Baldwin Park in Orlando. The 180,000-square-foot expansion will bring the continuing care retirement community to a total of 155 units and 40 rehabilitation beds. The second phase features three additional new residential buildings with 75 apartments. The general contractor for the project is Clancy & Theys.

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DevelopmentFloridaIndependent LivingNews

Validus Opens 169-Unit Inspirations at Town Center in Jacksonville

by Jeff Shaw

JACKSONVILLE, Fla. — Validus Senior Living  has opened Inspirations at Town Center, a 169-unit independent living community in Jacksonville. Located on 12.1 acres, the property features one- and two-bedroom options. Inspirations at Town Center is part of an ongoing relationship with Baxter Development LLC, a multi-generational, Iowa-based real estate development company.

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CCRCFinanceFloridaNews

Ziegler Arranges $16.6M Bond Refinancing for Oak Hammock at the University of Florida

by Jeff Shaw

GAINESVILLE, Fla. — Ziegler has arranged $16.6 million in bond financing for Oak Hammock at the University of Florida, a nonprofit continuing care retirement community in Gainesville. The community sits on an approximately 135-acre campus and consists of 269 independent living units, 46 assisted living units, 24 memory care units and 73 skilled nursing beds. The proceeds of the bonds will be used to refinance outstanding 2017 debt and finance approximately $1.9 million of capital expenditures. The 2021 bonds will be followed by the $39 million in bonds scheduled for …

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AcquisitionsAssisted LivingFloridaNews

Coldwell Banker Negotiates $8.2M Sale of Watermark of Gulf Breeze in Florida

by Jeff Shaw

GULF BREEZE, Fla. — Coldwell Banker Commercial has arranged the sale of Watermark of Gulf Breeze, an assisted living facility in Gulf Breeze, located across Pensacola Bay from Pensacola. The property sold for $8.2 million. The buyer and seller were not disclosed. Michael Mangrum, commercial state director for Coldwell Banker Commercial NRT in Florida, brought the property to market with Coldwell Banker Commercial NRT’s accelerated marketing team led by David Lowry and Roman Tsimberg. The property received 6,353 potential buyers, 138 confidentiality agreements and 16 fully approved bidders.

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Active AdultDevelopmentFloridaNews

Resort Lifestyle Communities Opens $30M Shell Harbor Property in Rockledge, Florida

by Jeff Shaw

ROCKLEDGE, Fla. — Resort Lifestyle Communities (RLC) has opened Shell Harbor Retirement Community, a 180,000-square-foot seniors housing property in Rockledge, located along the Atlantic Coast east of Orlando. Development costs were estimated at $30 million. The number of units was not disclosed, but they will be available in studio, one-, two- and three-bedroom floor plans. Shell Harbor Retirement Community is the fifth RLC location in Florida.

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