ORLANDO, Fla. — Winter Park Construction has broken ground on Madison Landing, an affordable seniors housing community in Orlando. Development partners American Residential Communities and New South Residential paid $1.3 million for 5.4 acres of land for the project. The first phase will be a 77,473-square-foot, seven-story building totaling 110 units. Development costs for Phase I are estimated at $23 million. Completion of Phase I is scheduled for September 2021. A second phase, not yet approved, would add 86 more units. The developers are pursuing future funding from Florida Housing …
Florida
WINTER PARK, Fla. — Greystar Real Estate Partners is developing Overture Hamlin, an active adult community in Winter Park, a suburb of Orlando. The apartment community will feature 110 one-bedroom and 70 two-bedroom units, plus 9,000 square feet of amenities. It is locate along Lake Hancock, nearby to both Walt Disney World and a variety of healthcare providers, including Orlando Health and AdventHealth Orlando facilities. Greystar expects to complete construction in summer 2021.
Grace Management Takes Over Operations of Sumter Senior Living in The Villages, Florida
by Jeff Shaw
THE VILLAGES, Fla. — Grace Management is now the new operator of Sumter Senior Living, a seniors housing community within the master-planned The Villages age-restricted community, located approximately 50 miles northwest of Orlando. Sumter features 298 units of independent living, assisted living and memory care. Residents have access to the amenities offered by the larger The Villages community. The property’s owner is Kayne Anderson Real Estate.
VIERA and PONTE VEDRA, Fla. — RangeWater Real Estate is preparing to open its first two active adult communities under its new Olea brand. The properties are Olea at Viera near Orlando and Olea at Nocatee in Ponte Vedra, a suburb of Jacksonville. The new Olea brand is designed for empty nesters looking to lead an active and social lifestyle with the convenience and freedom of apartment living. The two projects are located 140 miles apart on Florida’s east coast and mark the start of RangeWater’s age-targeted housing expansion across …
Housing Trust Group Breaks Ground on $22M Valencia Grove Affordable Community in Florida
by Jeff Shaw
EUSTIS, Fla. — Housing Trust Group (HTG) has broken ground on Valencia Grove II, a 110-unit affordable seniors housing community in Eustis, approximately 30 miles northwest of Orlando. The project is the second phase of the Valencia Grove project, which has already delivered 144 affordable apartments. Units are reserved for residents over 62 years old who earn 22 percent, 35 percent and 60 percent of local area median income (AMI). Rents range from $286 to $937 per month. Development costs for Phase II were estimated at $22 million. The project …
FRESNO, Calif. — Oakmont Senior Living has hired Heidi Setty as executive director and Miya Prosser as health services director of Oakmont of Fresno in Fresno. Setty has been an administrator for more than two decades. She had oversight for 15 communities as a financial consultant as well. Prosser started her nursing career while in high school as she comes from a family of nurses. She was a CNA and then became a Licensed Vocational Nurse (LVN). She has a wide range of experience from working in skilled nursing to …
Pasquale Kuritzky Receives Certificate of Occupancy for 120-Unit Affordable Community in Hollywood, Florida
by Jeff Shaw
HOLLYWOOD, Fla. — Pasquale Kuritzky Architecture Inc. has received the certificate of occupancy for Pinnacle at Peacefield, an affordable seniors housing community in Hollywood, approximately 18 miles north of downtown Miami. The community, named after the ancestral home of John Adams, is part of a redevelopment of the South Dixie Highway corridor on land assembled by the City of Hollywood and its Community Redevelopment Agency. The community features 120 units consisting of one- and two-bedroom residences across three buildings. Pinnacle at Peacefield is the seventh project that Pasquale Kuritzky Architecture …
Ziegler Arranges $70M Bond Financing for Acquisition of University Village CCRC in Tampa
by Jeff Shaw
TAMPA, Fla. — Ziegler has arranged $70 million in bond financing for Tampa Life Plan Village to expand by acquiring the independent living units of University Village, a nearby continuing care retirement community (CCRC). The acquisition will include 445 independent living apartments, 46 independent living villas, the associated common areas and 32 acres of land. The health center, which features assisted living and skilled nursing units, was not included in the transaction. The seller is Westport Holdings Tampa. The United States Bankruptcy Court for the Middle District of Florida and …
Berkadia Provides $50M in HUD Financing for Skilled Nursing Facilities in Florida, California, Maryland
by Jeff Shaw
WASHINGTON, D.C. — Berkadia’s Seniors Housing & Healthcare Group has secured $50 million in loan closings for skilled nursing facilities in Florida, California and Maryland. Jay Healy and Senior Director Bianca Andujo secured a $22.2 million HUD refinancing for a 157-bed skilled nursing facility in Worchester County, Maryland. The loan represents an 80 percent loan-to-value ratio and carries a term of 35 years. Loan proceeds were used to pay off the existing debt. Healy and Andujo also secured an $11.8 million HUD loan for a California-based borrower. The loan, which …
FLORIDA — Monticello has provided $20.2 million in first lien debt financing for the refinancing of two assisted living and memory care facilities totaling 171 beds in Florida. The borrower is an experienced owner and operator with a current portfolio of 1,325 licensed beds. Further details on the transaction were not disclosed.