NAPLES, Fla. — Senior living operator, developer and investor Distinctive Living has acquired ownership of Seascape at Naples, a community located in Naples, in a joint venture with an undisclosed global investment firm. Totaling 198 units, Seascape at Naples features independent living, assisted living and memory care residences. Amenities at the property, which Distinctive Living manages, include a heated pool, bistro, salon, spa, fitness center, outdoor courtyard and walking paths. According to the company, having partial ownership will allow Distinctive Living to fully integrate its proprietary operation solutions. “Seascape at Naples …
TITUSVILLE, Fla. — Housing Trust Group (HTG) has secured financing and began construction on Forest Glen, an. 80-unit, $28 million affordable seniors housing community in Titusville. The project is HTG’s second in Titusville and third development built in partnership with HFH Supportive Housing, a nonprofit dedicated to providing affordable housing and support services in Brevard County. Forest Glen will have 72 one-bedroom units and eight two-bedroom units with rents ranging from $750 to $1,350 per month for income qualifying residents who earn at or below 40 percent and 60 percent …
GAINESVILLE, Fla. — KeyBank Community Development Lending and Investment has provided a $13 million construction loan to National CORE, a nonprofit developer, to finance Hawthorne Heights, an 86-unit affordable seniors housing project in Gainesville. KeyBank Commercial Mortgage Group also arranged a $6.5 million Freddie Mac permanent loan for the project. Hawthorne Heights will serve seniors aged 62 and older with five units specifically set aside for individuals with special needs. The five-story building will be constructed on a 3-acre site, and, in addition to the special-needs units, will offer three …
GAINESVILLE, Fla. — Nonprofit developer National CORE has received $19.5 million in construction financing to fund the development of Hawthorne Heights, a new affordable seniors housing project in Gainesville. KeyBank Community Development Lending and Investment provided a $13 million loan and secured a $6.5 million Freddie Mac permanent loan on behalf of the borrower. National CORE received additional funding from Red Stone, which provided low-income housing tax credit equity and bonds from the Florida Housing Finance Corp., for the project. The project also qualifies for real estate tax abatement. Upon completion, …
DELRAY BEACH Fla. — Lifespace Communities has broken ground on a $49 million expansion project at Harbour’s Edge, a senior living community in Delray Beach. Upon completion, the expansion will add 24 assisted living apartments and 16 memory care apartments to the property. Planned amenities include a garden with a walking path, a third-floor terrace for assisted living residents, a spa, bar and wellness gym, as well as dedicated dining rooms, kitchens and activity spaces. A groundbreaking event is scheduled for Aug. 20. Nonprofit Lifespace Communities owns and operates 15 communities …
MARCO ISLAND, Fla. — Chancey Development, in partnership with BRW Development and Watermark Retirement Communities, has delivered The Watermark at Marco Island, a new, 86-unit community in Marco Island. This marks the first senior living community on the island. Totaling 103,000 square feet, the property features 66 assisted living and 20 memory care units. Chancey Architecture & Design designed the community, with Wichman Construction serving as the general contractor. Chancey also partnered with the City of Marco Island to create a public park adjacent to the property, which is located with …
NAPLES and SARASOTA, Fla. — Real estate investment management firm Town Lane has acquired two independent living communities located in Florida. Together the properties total 373 units. Located in Naples, Discovery Village Naples was opened in 2020. Discovery Village Sarasota Bay in Sarasota was opened in 2022. Both communities are located on campuses that also house assisted living and memory care facilities. Discovery Senior Living will continue to lease and operate the communities. Amenities at the properties include outdoor courtyards and pools, fitness and rehab spaces, theaters and beauty salons. “The …
HERNANDO, Fla. and CORALVILLE, Iowa — Chicago Pacific Founders (CPF) has acquired two senior living communities, The Summit of Citrus Hills and The Summit of Coralville. Located in Hernando, Florida, and Coralville, Iowa, respectively, The Summit of Citrus Hills and The Summit of Coralville feature independent living, assisted living and memory care units. Previously known as Grand Living at Citrus Hills and Grand Living at Bridgewater, the communities will now be operated by Grace Management Inc., a subsidiary of CPF. According to CPF, the acquisitions align with the company’s strategy of …
FORT LAUDERDALE, Fla. — Housing Trust Group (HTG) and Mount Hermon African Methodist Episcopal Church have opened Mount Hermon Apartments, a new affordable seniors housing community in Fort Lauderdale. Development costs totaled $43.5 million. Monthly rental rates at the community, which features one- and two-bedroom apartments, range from $433 to $1,422 per month. Units are reserved for seniors earning at or below 25 and 60 percent of the area median income. According to Apartments.com, the average rental rate for a one-bedroom apartment in Fort Lauderdale is $2,222. Amenities at the property …
MIAMI — Investment firm Locust Point Capital, which operates exclusively in the seniors housing and care sector, has closed its Locust Point Private Credit Fund III with $668 million in total capital commitments. This marks a 56 percent increase over raise of the firm’s predecessor vehicle, which closed at $428 million. According to Locust Point, Fund III will continue to execute the firm’s core strategy, which includes providing structured credit solutions to owner-operators of seniors housing communities. “Having invested in the seniors housing industry for more than three decades, I believe …
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