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 …
Florida
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.
Watercrest Hires MaryAnn Howell as Executive Director of Community in Winter Park, Florida
by Jeff Shaw
WINTER PARK, Fla. — Watercrest Senior Living Group has hired MaryAnn Howell as executive director of Watercrest Winter Park Assisted Living and Memory Care in Winter Park, a suburb of Orlando. Watercrest Winter Park is a newly built, 107-unit senior living community that recently celebrated its grand opening under Howell’s leadership. Howell brings over 10 years of senior living experience, having most recently served an eight-year tenure with another senior living provider.
ORLANDO and WINTER PARK, Fla. — Strive Senior Living, based in Orlando, has acquired Sutton Homes, based in Winter Park. Sutton Homes is a 25-year-old operator of seven seniors housing communities in Central Florida. Sutton Homes is focused on memory care, and Strive will launch a new standalone memory care brand named Sanctuary by Strive to lead the new portfolio. Strive purchased all assets of the company and will continue to operate the communities under Sutton Homes until the full rebrand to Sanctuary by Strive is completed by the end …
Grandbridge Provides $16.6M Acquisition Financing for Summer Vista Assisted Living in Pensacola
by Jeff Shaw
PENSACOLA, Fla. — Grandbridge’s Seniors Housing and Healthcare Finance Group has provided $16.6 million in financing for the acquisition of Summer Vista Assisted Living in Pensacola. The property totals 89 units of assisted living and memory care. Details on the buyer and seller were not disclosed. Richard Thomas and Thomas Wiedeman, based in Grandbridge’s Atlanta office, originated the Freddie Mac loan.
VIERA, Fla. — ConcordRENTS has started construction of Venue at Viera Senior Living Apartments, a 145-unit affordable seniors housing community in Viera, a master planned community centrally located on Florida’s Space Coast near the City of Melbourne. Units are reserved for seniors making between 40 percent and 80 percent of the area median income. Development costs for the four-story building were estimated at $32 million. Funding for Venue at Viera Senior Living comes from $16.8 million in tax-exempt bonds issued by the Brevard County Housing Finance Authority and $11 million …