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Assisted LivingDevelopmentFloridaNews

CIP Group, Linkvest Capital to Build 120-Bed Assisted Living Facility in Dadeland, Florida

by Jeff Shaw

DADELAND, Fla. — Sunset Point ALF, an affiliate of Miami-based real estate development firm CIP Group, and LV Development, an affiliate of Miami-based Linkvest Capital, have formed a joint venture to develop a 40,000-square-foot, 120-bed assisted living facility in an unincorporated area near Dadeland. The partners acquired the vacant site for $3.7 million from the Stupp Family Partnership. The developers are expected to break ground on the project in the first quarter of 2022 CIP Group and Linkvest Capital, through its LV Lending affiliate, are also developing Miami Springs Town …

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Active AdultDevelopmentFinanceFloridaIndependent LivingNews

United Group Receives $48M Construction Financing for The Alloro at University Groves in Sarasota, Florida

by Jeff Shaw

SARASOTA, Fla. — The United Group of Companies has received a $48 million construction loan from Trez Capital, with the funds used to build The Alloro at University Groves. Located in the coastal Tampa suburb of Sarasota, the community will feature 183 units of what the developer calls “independent living lite,” a bridge between active adult and independent living. Units are restricted to those age 55 and older. Units will vary in size between 708 and 2,232 square feet. A 15,210-square-foot clubhouse will serve as the center of the community. …

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FloridaNewsPeople

Watercrest Senior Living Group Hires Alexander Powell as Executive Director of Community in East Lake, Florida

by Jeff Shaw

EAST LAKE, Fla. — Watercrest Senior Living Group has hired Alexander Powell as executive director of Market Street Memory Care Residence East Lake. Located in the Tampa suburb of East Lake, the community is a 64-unit memory care community. Powell has served as a sales director and executive director in The Villages in Central Florida. With an MBA from Saint Leo University, Powell had plans to pursue a legal career. But, as the eldest son of a pastor and nurse, he felt a passion for community service. After caring for …

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DevelopmentFloridaIndependent LivingNews

Joint Venture Unveils Plans for Watersound Fountains Independent Living in Panama City Beach, Florida

by Jeff Shaw

PANAMA CITY BEACH, Fla. — A joint venture between The St. Joe Company, Watermark Retirement Communities and BRW Origins LLC has released plans for Watersound Fountains, a 148-unit independent living community in Panama City Beach. The four-story property will be part of the Watersound Origins development in the waterfront vacation destination located on Florida’s panhandle. The planned community is currently under development adjacent to Watersound Town Center and a future Publix supermarket. Watermark will be the operator. “This extraordinary location will offer our residents easy access to natural coastal beauty, …

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CCRCDevelopmentFinanceFloridaNews

Ziegler Arranges $115.6M Bond Financing for Vicar’s Landing CCRC Expansion in Ponte Vedra Beach, Florida

by Jeff Shaw

PONTE VEDRA BEACH, Fla. — Ziegler has arranged $115.6 million in bond financing for Vicar’s Landing, a continuing care retirement community in Ponte Vedra Beach, approximately 20 miles southeast of Jacksonville. Vicar’s Landing was developed in 1983. It sits on a 24.3-acre site within Sawgrass, a 4,800-acre private resort and residential community. The larger master-planned Sawgrass community features four adjacent golf clubs, TPC Sawgrass, the Sawgrass Marriott Resort, a shopping center and other residential and recreational amenities. Vicar’s Landing features 227 independent living units, 38 assisted living apartments and 60 …

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AcquisitionsFloridaNews

Alta Senior Living Buys 175-Unit Waterside Landing Community in South Florida, Plans $6.5M Renovation

by Jeff Shaw

MARGATE, Fla. — Alta Senior Living has acquired Waterside Landing, a 175-unit independent and assisted living community in Margate, approximately 40 miles north of Miami. Alta will both own and operate the property. The seller and price were not disclosed. Over the next 12 months, Alta Senior Living plans to invest another $6.5 million in renovation capital to further enhance the community and convert 22 units on the first floor from assisted living to secured memory care. “Waterside Landing is exactly the type of acquisition opportunity we’re seeking right now,” …

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Affordable HousingDevelopmentFloridaNews

Swerdlow Group Breaks Ground on $300M Sawyer’s Walk Mixed-Use Development in Miami

by Jeff Shaw

MIAMI — Swerdlow Group has broken ground on Sawyer’s Walk, a 1.4 million-square-foot mixed-use development in Miami’s Overtown neighborhood that will include 250,000 square feet of retail space below 578 apartments designated for low-income seniors. Swerdlow Group is collaborating with the Southeast Overtown/Park West Community Redevelopment Agency (CRA) on the $300 million project. Swerdlow Group and its partners, Delray Beach, Fla.-based SJM Partners and Miami-based Alben Duffie, acquired the 3.4-acre property at 249 NW 6th St. from the Community Redevelopment Agency for $10 million. Construction is scheduled for completion in …

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FinanceFloridaNews

CBRE Arranges $78M Refinancing for Community in Miami

by Jeff Shaw

MIAMI — CBRE has arranged $78 million in financing for an upscale seniors housing community near the University of Miami. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing arranged the three-year, floating-rate loan with full-term interest-only payments. A debt fund provided the capital, which refinances existing debt. Further details on the property were not disclosed.

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DevelopmentFloridaNews

Validus Opens 127-Unit Alura Community in Rockledge, Florida

by Jeff Shaw

ROCKLEDGE, Fla. — Validus Senior Living has opened the doors on Alura by Inspired Living, an independent living, assisted living and memory care community in Rockledge, a coastal city east of Orlando. Situated on 11.3 acres, the 113,935-square-foot building will feature a total of 127 one- and two-bedroom apartments. Alura by Inspired Living is part of an ongoing relationship between Tampa-based operator Validus and developer Premium Edge LLC. “Inspired Living” is the upscale brand of Validus.

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DevelopmentFloridaNews

LifeStar Living Acquires Site in St. Petersburg, Florida for $125M Development

by Jeff Shaw

ST. PETERSBURG, Fla. — LifeStar Living has acquired a site in St. Petersburg for development of The Manhattan St. Petersburg, a seniors housing community. Neighboring the Gulf of Mexico and Boca Ciega Bay, the resort-style community will be situated in the heart of St. Petersburg’s Skyway Marina District. The property will feature 80 condo-style residences ranging from 1,050 to 2,600 square feet, with assisted living and home health services available. Development costs are estimated at $125 million. At the helm of this innovative project are LifeStar’s co-founders, elite sports agent …

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