POMPANO BEACH, Fla. — Moss Construction has been awarded a $120 million contract for an expansion at John Knox Village in Pompano Beach. The project will be divided into two phases and the first phase has started. The 37,117-square-foot project will consist of a first-level pavilion featuring a performing arts center, pre- and post-event gallery space, two restaurants with indoor and lakeside dining, a bar in between the two restaurants, a lakefront promenade and gathering spaces. The second phase is scheduled to start in the first quarter of 2022. The …
Florida
SANTA ROSA BEACH, Fla. — Watercrest Senior Living Group and The St. Joe Company have received a certificate of occupancy for Watercrest Santa Rosa Beach Assisted Living and Memory Care, with plans to open the community this month. The 92,000-square-foot property features 75 assisted living and 32 memory care apartments in the Florida Panhandle community of Santa Rosa Beach.
MIAMI — Integra Investments, through its affordable housing development affiliate Interurban, has broken ground on Mosaico, a 271-unit affordable seniors housing project in Miami’s Allapattah neighborhood. Interurban is developing Mosaico in partnership with Elderly Housing Development & Operations Corp. (EHDOC), an affordable seniors housing nonprofit. Slated for delivery in 18 months, Mosaico is situated on a 1.2-acre site. The 13-story project will include 179 one-bedroom units and 92 oversized studio units, with four townhome units lining the southern perimeter. CC Hodgson Architectural Group designed the project. The development was financed …
TALLAHASSEE, Fla. — LeadingAge Florida has hired Lesley Martin as the association’s director of education and events. Martin joins the association from Meeting Expectations where she served as senior manager. In her new role, she will be responsible for the development of comprehensive education plans and coordinating all association educational and other events, including the annual convention. At the professional services firm Meeting Expectations, Martin managed the planning, logistics timelines, reports and budget updates for client events, including large international conventions.
HJ Sims Arranges $107.4M Bond Financing for Presbyterian Retirement Communities in Florida
by Jeff Shaw
ST. AUGUSTINE, Fla. — HJ Sims has arranged $107.4 million in bond financing for Presbyterian Retirement Communities (PRC) and its affiliates, a group of 10 continuing care retirement communities (CCRCs) located throughout Florida. PRC acquired Westminster St. Augustine (then known as Glenmoor) out of bankruptcy in October 2017. The company instituted a turnaround program and was seeking a refinance of existing bonds to fund upcoming capital projects. Sims structured long-term taxable and tax-exempt bonds around the existing debt service, achieving a blended true interest cost of 3.87 percent and successfully …
KEY WEST, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Key West Health & Rehabilitation, a 120-bed skilled nursing facility in Key West. The property is located adjacent to the Lower Keys Medical Center, which holds the ground lease for the skilled nursing facility. There is also an existing HUD mortgage on the property. Blueprint represented the seller, a nonprofit debtor undergoing bankruptcy proceedings. Although the price was not disclosed, the winning bidder acquired the property free and clear of existing debt.
Allied Group Holdings Plans to Redevelop Mall Near Tampa as 154-Unit Assisted Living Facility
by Jeff Shaw
ST. PETERSBURG, Fla. — Allied Group Holdings has completed the acquisition of two retail buildings in St. Petersburg, with plans to redevelop the site into a seniors housing-anchored mixed-use project. The buyer acquired Maximo Mall, a 2.8-acre, 39,000-square-foot retail center, and the adjacent Maximo Plaza, a 2.5-acre, 10,600-square-foot, single-tenant retail building occupied by Ace Hardware. Local private lender LV Lending provided $3.6 million in financing for the transactions. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending led the financing. Allied Group Holdings plans to redevelop the site into …
Boston Capital Finance Arranges $21.5M Bond Financing to Rehabilitate Affordable High-Rise in Orlando
by Jeff Shaw
ORLANDO — Boston Capital Finance (BCF) has arranged $21.5 million in bond financing for the rehabilitation of Baptist Terrace, a 14-story affordable seniors housing community in downtown Orlando. The 197-unit community was built in 1969 and is fully leased. The rehabilitation will help preserve the property as affordable housing well into the future, according to BCF. The developer is the Orlando Neighborhood Improvement Corp., a nonprofit developer/manager.
DAVIE, Fla. — Fairstead has acquired Federation Davie Apartments, an affordable seniors housing community in the Miami suburb of Davie, for $17.9 million. It’s the company’s seventh such deal since November. Fairstead plans preserve long-term affordability for the building’s 80 units for at least 30 years. The buyer also plans to undertake a $12 million rehabilitation of the apartments, common areas and building systems. Fairstead purchased the property from the Jewish Federation of Broward County, which will steer proceeds from the sale toward its social service and community service work …
United Group Receives $32M Construction Loan for Active Adult Community in Stuart, Florida
by Jeff Shaw
STUART, Fla. — The United Group of Companies Inc. has received a $32 million construction loan from Knighthead Funding for The Sovana at Stuart, an active adult development in Stuart. The Class A community will feature one- and two-bedroom floor plans ranging from 710 to 1,410 square feet. The number of units was not disclosed. The Sovana at Stuart will also feature an 8,000-square-foot community clubhouse with a living room, fireplace, pantry kitchen, game room, arts and crafts room, media center, fitness center and private salon. The United Group’s affiliate, …