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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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DevelopmentFloridaNews

Ryan Cos. Delivers 204-Unit Grand Living at Wellen Park in Venice, Florida

by Jeff Shaw

VENICE, Fla. — Ryan Cos. US Inc. has completed construction of Grand Living at Wellen Park, a 235,267-square-foot luxury senior living community in Venice, a Gulf Coast city approximately midway between Tampa and Fort Meyers. Offering 204 residential units, the property will be part of Wellen Park, a master-planned development encompassing 11,000 acres. The four-story building includes 156 independent and assisted living units, 36 memory care units and 12 villas.  Ryan served as the developer and builder as well as an investor in the community. Ryan A+E Inc., Ryan’s design …

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Affordable HousingDevelopmentFloridaNews

SG Holdings Plans Summer Opening for $350M Mixed-Use Development in Miami

by Jeff Shaw

MIAMI — SG Holdings has completed leasing at Sawyer’s Walk, a 3.4-acre mixed-use development underway in Miami’s Overtown neighborhood. The project, which will feature retail space, offices and affordable housing for seniors, is set to open this summer. SG Holdings is a partnership comprising Swerdlow Group, SJM Partners and Alben Duffie. The development team broke ground on Sawyer’s Walk in summer 2021. The development costs were not disclosed, but the Miami Herald reported the price tag hovers around $350 million. “The anticipated delivery of our mixed-use development will serve as an economic …

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AcquisitionsAssisted LivingFloridaNews

SLIB Arranges Sale of 211-Unit Portfolio in Florida

by Jeff Shaw

BRADENTON and VENICE, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two seniors housing communities in Bradenton and Venice, both located on the Gulf Coast south of Tampa. The properties feature a combined 211 units of assisted living and memory care. The Bradenton asset was built in 1989, while Venice asset was constructed in 1998. The Bradenton property totals 74,786 square feet on approximately 7.62 acres of land while the Venice property totals 74,445 square feet on approximately 4.06 acres of land. The buyer is Florida-based …

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AcquisitionsAssisted LivingFloridaNews

Sherman & Roylance Brokers Sale of 42-Unit Community in Northwestern Florida

by Jeff Shaw

FLORIDA — Sherman & Roylance has arranged the sale of a 42-unit, 64-bed assisted living and memory care community in Northwestern Florida. CareTrust REIT sold the asset to a local owner-operator for an undisclosed price. The community was built in 1997 and was 87 percent occupied at the time of sale. Jack Osteen, Shep Roylance, and John Sherman of Sherman & Roylance led the transaction.

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