PALM BEACH GARDENS, Fla. — Aztec Group has arranged $55.6 million in bridge financing for Arcadia Gardens, an active adult community located in Palm Beach Gardens. MetLife provided the loan to the borrowers, affiliates of the United Group of Cos. and Sina Cos. United Group also manages the property, which was developed in 2021. Situated on 10.6 acres, the age-restricted apartment community comprises 220 units reserved for residents age 55 and older.
OPA-LOCKA, Fla. — The Integral Group has broken ground on Wellspring Apartments, an affordable seniors housing community in the Miami suburb of Opa-Locka. Wellspring Apartments will feature 99 units, 67 of which are reserved for residents earning below 50 percent of the area median income (AMI), and the remaining 32 units are for residents earning below 60 percent of AMI. The 81,350-square-foot property will feature a computer and library room, fitness center, community center with a full kitchen, and covered terrace. The project is a public-private partnership between Integral, Miami-Dade …
FREEHOLD, New Jersey and TAMPA, Fla. — Distinctive Living, a New Jersey-based seniors housing operator and developer that is expanding nationally, has acquired Validus Senior Living Management, a Tampa, Florida-based operator. Headquartered in Freehold, N.J., Distinctive Living currently operates 46 communities and has 14 under development via its development services platform, Distinctive Living Development LLC. More specifically, the company operates and is developing active adult, assisted living, independent living, and memory care communities throughout the country. Validus is an owner, operator and third-party manager of senior living communities throughout the Southeast. …
MIAMI BEACH, Fla. — The Housing Authority of the City of Miami Beach and Atlantic Pacific Cos. have broken ground on Vista Breeze, a 119-unit affordable seniors housing development. situated near the Normandy Shores Golf Course in Miami Beach. The property represents the largest affordable housing development to break ground in Miami Beach in 45 years, according to the developers. Vista Breeze will feature Miami modern (MiMo) architecture and include onsite parking, a community center and a business center. Units will be reserved for seniors earning no more than 80 …
PONTE VEDRA, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Palms of Ponte Vedra, an 86-unit assisted living and memory care community in the Jacksonville suburb of Ponte Vedra. Constructed in 2015, the two-story building sits on 14.5 acres. The seller was a regional owner-operator in Florida. The buyer was a locally based regional owner-operator looking to expand its presence in Florida. The price was not disclosed Brad Clousing and Daniel Geraghty led the transaction for SLIB.
MIRAMAR, Fla. — Pinnacle has broken ground on Pinnacle at La Cabaña, an affordable seniors housing community in Miramar, a northern suburb of Miami. The $41.2 million project will feature 110 units in one- and two-bedroom floorplans. Construction is scheduled for completion in 2025. The development is part of a public-private partnership between Pinnacle and the City of Miramar. Pinnacle at La Cabaña will offer 11 units to seniors earning up to 28 percent of the area median income, and the remaining units will be available to seniors earning up …
FLORIDA — CFG, a subsidiary of CFG Bank, has provided two HUD loans totaling $17.4 million to refinance debt on two skilled nursing facilities in Florida. The facilities feature a total of 261 beds. Further details were not disclosed. Tim Eberhardt and Ava Julio of CFG originated the transaction.
SWEETWATER, Fla. — CREI Holdings has received a $67 million construction loan from Centennial Bank to build an affordable and workforce housing mid-rise building in Sweetwater, just west of Miami. Construction of Li’l Abner III is set to begin in the second quarter of this year, with completion expected in the second quarter of 2026. Coral Gables-based Burgos Lanza Architects and Planners designed the eight-story project, which features 328 one- and two-bedroom apartments. Of these, 40 percent will be designated for households with an income up to 80 percent of …
MIAMI — Housing Trust Group (HTG), a leading multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have opened Tucker Tower. The $44 million affordable housing community for seniors age 62 and older is located in the Perrine neighborhood of southern Miami. Tucker Tower, the eighth joint venture between HTG and AM Affordable Housing, will be exclusively available to income-qualifying residents, ensuring accessibility to those earning at or below 25, 30, and 60 percent of the area median income …
PEMBROKE PINES, Fla. — ANF Group Inc. has completed construction of Providence Living at Pembroke Pines, a new assisted living facility and memory care facility in Pembroke Pines, Florida. The 114,003-square-foot community features 81 units of assisted living and 40 units of memory care. The project is located on 3.15 acres at the entrance to the Pembroke Pines City Center, approximately 20 miles north of Miami. Providence One Development and ANF Real Estate Group developed the property. ANF Group was the general contractor, while Providence Senior Living will manage the …
