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CCRCFinanceFloridaNews

Ziegler Arranges $142.6M Bond Financing for Presbyterian Retirement Communities CCRCs in Florida

by Jeff Shaw

CHICAGO — Ziegler, a Chicago-based specialty investment bank, has arranged $142.6 million in bond financing for Presbyterian Retirement Communities (PRC). PRC is a nonprofit corporation originally chartered in 1954 in the state of Florida and has communities throughout Florida. PRC and its affiliates are a part of Westminster Communities of Florida and constitute the largest group of continuing care communities (CCRCs) in Florida with a total of 3,643 units. According to the 2022 LeadingAge Ziegler 200 Report, PRC and its affiliates are the 11th largest nonprofit operator of senior living …

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Affordable HousingDevelopmentFloridaNews

HTG, AM Affordable Housing Complete 72-Unit Shoreline Villas in Fort Walton Beach, Florida

by Jeff Shaw

FORT WALTON BEACH, Fla. — Housing Trust Group (HTG) and AM Affordable Housing have completed construction of Shoreline Villas, a 72-unit affordable housing community catering to seniors age 62 and older in Fort Walton Beach, a small city in the Florida Panhandle. Apartments at Shoreline Villas are reserved for age- and income-qualifying residents who earn at or below 33 and 60 percent of the area median income (AMI), with rents ranging from $587 to $1,300 per month. The three-story garden-style community features a 3,155-square-foot clubhouse. Residents also have access to …

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Affordable HousingDevelopmentFloridaNews

HTG, AM Affordable Housing Break Ground on $37.4M Astoria on 9th in Bradenton, Florida

by Jeff Shaw

BRADENTON, Fla. — Housing Trust Group (HTG) and AM Affordable Housing have closed on financing and begun construction of Astoria on 9th, a 120-unit affordable seniors housing community in the Tampa suburb of Bradenton. Development costs are estimated at $37.4 million. The units will be reserved for income-qualifying residents over age 62 who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $356 to $1,165 per month. The property is scheduled to open in fall 2024 with leasing slated to begin …

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AcquisitionsAssisted LivingFloridaNews

SLIB Brokers Sale of 70-Unit Cedar Creek Assisted Living in Merritt Island, Florida

by Jeff Shaw

MERRITT ISLAND, Fla. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Cedar Creek Assisted Living in Merritt Island, located east of Orlando. Built in 2004, the facility features 70 assisted living units. The seller is a publicly traded REIT. The buyer is a regional owner-operator based in Florida that intends to renovate the asset. The price was not disclosed. Bradley Clousing and Daniel Geraghty handled the transaction for SLIB.

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AcquisitionsCCRCFloridaNews

Lument Securities Arranges Sale of Epworth Village Retirement Community in Hialeah, Florida

by Jeff Shaw

HIALEAH, Fla. — Lument Securities has arranged the sale of Epworth Village Retirement Community in Hialeah, a suburb of Miami. A private joint-venture partnership acquired the nonprofit continuing care retirement community for an undisclosed price. Laca Wong-Hammond and Dominic Porretta led the transaction for Lument Securities. The community was originally founded in 1948 as The Biscayne Home for Women.

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Affordable HousingDevelopmentFloridaNews

Miami Jewish Health, McDowell Housing Partners Break Ground on $137M Douglas Gardens Residences in Pembroke Pines, Florida

by Jeff Shaw

PEMBROKE PINES, Fla. — Miami Jewish Health (MJH) AND McDowell Housing Partners have broken ground on Douglas Gardens Residences, an affordable seniors housing community in Pembroke Pines, approximately 20 miles north of Miami. Development costs are estimated at $137 million for the 410-unit community. According to the developers, this will result in the largest affordable housing development in Broward County. The project will deliver a mixed-income community, merging healthcare and housing into one development for local seniors, on what is currently the 25-acre Douglas Gardens North Campus. Of the total …

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Assisted LivingDevelopmentFloridaNews

AgeWell, Protea Prepare to Open Sunscape Boca Raton in Florida

by Jeff Shaw

BOCA RATON, Fla. — AgeWell Solvere Living and Protea Capital Partners have scheduled a May grand opening for Sunscape Boca Raton. This will be the second Sunscape assisted living and memory care community opening, the first being its sister location, Sunscape Daytona Beach, which opened in March of 2022. Irwin Partners is the architect, Klang & Associates is the interior designer and Hedrick Brothers Construction is the general contractor. The number of units was not disclosed.

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AcquisitionsCCRCFloridaNews

Acts Considers Affiliation with Mease Life in Dunedin, Florida

by Jeff Shaw

DUNEDIN, Fla. — Acts Retirement Life Communities and Mease Life have signed a letter of intent to explore an affiliation relationship. An affiliation in the nonprofit world is similar to an acquisition in the for-profit space. Mease Life is a continuing care retirement community (CCRC) in Dunedin that is home to approximately 350 residents. Under the proposed agreement, Mease Life will become an Acts affiliate member, and part of a network of CCRCs operated and managed by Acts, the nation’s third largest not-for-profit senior living organization. A due diligence review …

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Affordable HousingDevelopmentFloridaNews

HTG, AM Break Ground on $23.5M Princeton Grove Affordable Community in Crestview, Florida

by Jeff Shaw

CRESTVIEW, Fla. — Housing Trust Group (HTG) and AM Affordable Housing, a non-profit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have started construction of Princeton Grove, a $23.5 million affordable seniors housing community in the Florida Panhandle city of Crestview. Apartments at Princeton Grove will be reserved for income-qualifying residents who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $363 to $1,188 per month. In addition, the developer has committed a minimum of five apartments …

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FloridaMemory CareNewsPeople

Watercrest Hires Danielle Potter as Executive Director of Market Street Memory Care Residence Palm Coast in Florida

by Jeff Shaw

PALM COAST, Fla. — Watercrest Senior Living Group has hired Danielle Potter to the leadership team as executive director of Market Street Memory Care Residence Palm Coast in Palm Coast, approximately midway between Jacksonville and Orlando. Potter started her career in housekeeping, working her way upwards as a resident care coordinator, lifestyle director, lead concierge and business office director before earning her first leadership role as an executive director several years ago. Market Street Palm Coast is a 64-unit memory care community. The community was recently recognized by U.S. News …

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