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Affordable HousingDevelopmentFloridaNews

HTG Breaks Ground on $43.5M Mount Hermon Apartments in Fort Lauderdale

by Jeff Shaw

FORT LAUDERDALE, Fla. — Housing Trust Group (HTG) and Mount Hermon African Methodist Episcopal Church Inc. have broken ground on Mount Hermon Apartments, an affordable seniors housing community in Fort Lauderdale. Development costs are estimated at $43.5 million for the 104-unit community. The seven-story development will offer a mix of one- and two-bedroom units ranging from 650 square feet to 950 square feet. Apartments are reserved for income-qualifying residents age 62 and older who earn 60 percent or less of area median income (AMI), with rents ranging from $425 to …

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Affordable HousingDevelopmentFloridaNews

ANF Group Breaks Ground on Sol Vista Affordable Community in Cutler Bay, Florida

by Jeff Shaw

CUTLER BAY, Fla. — General contractor ANF Group Inc has broken ground on Sol Vista, a 227-unit affordable seniors housing community in Cutler Bay, approximately 20 miles south of downtown Miami. MRK Partners and Cypress Equity Investments are co-developers on the project. The two companies are partnering with the Housing Finance Authority of Miami-Dade County, the Florida Housing Finance Corp., R4 Capital LLC and R4 Capital Funding to finance the development. Sol Vista’s affordability will be preserved for 30 + years, thanks to a new regulatory agreement on the property. …

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DevelopmentFloridaNews

Sunrise Senior Living Breaks Ground on 94-Unit Community in Coral Gables, Florida

by Jeff Shaw

CORAL GABLES, Fla. — Sunrise Senior Living has broken ground on its first community in metro Miami, Sunrise of Coral Gables. The 94-unit building is slated to rise six stories and total 90,000 square feet. Opening is scheduled for 2024. Sunrise’s in-house development and design teams are partnering with Coral Gables-based architecture firm Behar Font & Partners and general contractor Winmar Construction. The site for Sunrise of Coral Gables was chosen for its accessibility and convenience. On the main street of Ponce de Leon, the community has access to neighboring …

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FinanceFloridaNews

BHI Provides $30M Refinancing for The Alomar in Davie, Florida

by Jeff Shaw

DAVIE, Fla. — BHI, a full-service commercial bank, has provided a $30 million refinancing for The Alomar, a 199-bed seniors housing community in Davie, a northern suburb of Miami. The borrower is Royal Senior Care, which owns and operates senior living facilities in the Southeast with a primary focus in South Florida. The facility, which opened in 2017, is spread over a three-building campus and includes independent living, assisted living and memory care. “Healthcare is a highly strategic vertical within BHI and Royal Senior Care has a robust track record …

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AcquisitionsAssisted LivingFloridaNews

Grandbridge Arranges Sale of Three Communities in Florida

by Jeff Shaw

BRADENTON, SANFORD and PINELLAS PARK, Fla. — Grandbridge Real Estate Capital’s seniors housing investment sales team has arranged the sale of three assisted living and memory care communities in Florida. A national REIT sold the communities in three separate transactions. The buyers were a national investor based in Florida and two owner-operators with a presence in the region. The prices were not disclosed. The properties include the 112-unit Bradenton Oaks in Bradenton, the 94-unit Renaissance Retirement Center in Sanford, 145-unit FL Bayside Terrace in Pinellas Park. The Renaissance was built …

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DevelopmentFloridaNews

Liberty Senior Living Completes Wellington Bay Community in Florida

by Jeff Shaw

WELLINGTON, Fla. — Liberty Senior Living has completed construction of Wellington Bay, a seniors housing community in the South Florida village of Wellington. The property offers independent living apartments, garden flats and villas, as well as Lisbet Health Center, which offers assisted living and memory care services. The community is located on 40 acres and includes a 65,000-square-foot clubhouse. Although the number of units and development costs were not disclosed, in 2019 SunTrust Bank provided $39 million in construction financing for the project, which at that time was slated to …

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AcquisitionsAssisted LivingFloridaNews

Blueprint Brokers Sale of 57-Unit Assisted Living Community in St. Petersburg, Florida

by Jeff Shaw

ST. PETERSBURG, Fla. — Blueprint Heatlhcare Real Estate Advisors has arranged the sale of a 57-unit assisted living and memory care community in the Tampa suburb of St. Petersburg. Originally constructed in the 1960s, the community was positioned as one of the leading value-add providers and benefited from approximately $500,000 of recent capital improvements. A publicly traded REIT sold the asset to a local owner-operator looking to grow in metro Tampa. The price was not disclosed.

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DevelopmentFloridaIndependent LivingNews

Joint Venture Opens The Contemporary Independent Living Community in Metro Miami

by Jeff Shaw

WESTCHESTER, Fla. — Miami-based commercial real estate developer MAS^AJP and its equity partner OCTA have opened The Contemporary, an independent living community in Westchester, approximately nine miles west of downtown Miami. Charter Senior Living operates the community, which features a mix of one- and two-bedroom options on a six-acre campus. The number of units was not disclosed. The Contemporary is located on the same campus as MedSquare Place, a Class A medical office building also developed by MAS^AJP and OCTA. The property will house some of South Florida’s best-in-class healthcare …

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Assisted LivingDevelopmentFinanceFloridaNews

Live Oak, Renasant Provide Construction Loan for 158-Unit Community in Naples, Florida

by Jeff Shaw

NAPLES, Fla. — Live Oak Bank and Renasant Bank have provided an undisclosed amount of financing for construction of a 158-unit assisted living and memory care community in Naples. The borrower is a joint venture between investment management firm Heitman and NexCore Group. Experience Senior Living, NexCore’s operating subsidiary, will manage the property.

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AcquisitionsCCRCFloridaNews

Grandbridge Negotiates $81M Bankruptcy Sale of The Arlington at Naples in Florida

by Jeff Shaw

NAPLES, Fla. — Grandbridge Real Estate Capital’s seniors housing investment sales team has arranged the $81 million sale of The Arlington at Naples. The 298-unit continuing care retirement community is located on 39 acres in the Lely Resort master-planned community in Naples. It opened in 2015. The community offers 47 independent living estate homes, 128 independent living apartments, 42 assisted living units, 37 memory care units and 44 skilled nursing units. Prior to the sale, The Arlington was operating under a forbearance agreement. The Grandbridge team, led by Dave Kliewer …

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