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Affordable HousingDevelopmentFloridaNews

T.D. Jakes, New Urban to Develop Two Affordable Housing Communities in South Florida Totaling 350 Units

by Jeff Shaw

HALLANDALE BEACH and MIAMI GARDENS, FLA. — T.D. Jakes Real Estate Ventures (TDJREV) and New Urban Development will build two affordable housing communities in South Florida. Located in Hallandale Beach, the first property will comprise 200 mixed-income multifamily units on five acres. The groundbreaking is scheduled for the first quarter of 2024. The second community will be located in Miami Gardens, adjacent to the Miami Gardens Senior Family Center. Upon completion, the development will feature 150 affordable senior living units on seven acres. Amenities will include a clubhouse and walking …

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AcquisitionsFloridaNews

Walker & Dunlop Negotiates Sale of 172-Unit Grand Living at Lakewood Ranch in Sarasota, Florida

by Jeff Shaw

SARASOTA, Fla. — Walker & Dunlop’s investment sales team has arranged the sale of Grand Living at Lakewood Ranch in Sarasota, a Gulf Coast city south of Tampa. The 172-unit community offers independent living, assisted living and memory care. The Class A facility was built in 2019.  The sellers, led by Ryan Cos. US Inc., ultimately chose an institutional core fund as the buyer. The price was not disclosed.  Despite the challenges posed by the COVID-19 pandemic, the asset demonstrated remarkable resilience, achieving a 99 percent occupancy rate, a robust …

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FinanceFloridaNewsOregon

Berkadia Provides $56.6M in HUD Financing for Four-Community Portfolio in Florida, Oregon

by Jeff Shaw

FLORIDA and OREGON — Berkadia Seniors Housing & Healthcare has provided four loans totaling $56.6 million in volume through HUD’s 232/223(f) program, all of which feature the program’s maximum loan term of 35 years. In the first transaction, Ed Williams of Berkadia Seniors Housing & Healthcare closed a $14.5 million 232/223(f) HUD loan secured by a 139-bed skilled nursing facility located in South Florida for a Florida-based client. The loan refinanced a bridge loan Williams placed in 2019 and a subsequent cash-out, borrow-up originated by the senior lender in August …

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DevelopmentFloridaNews

Lawson Group Architects Completes Phase One of 81 Oaks Senior Living in Sarasota, Florida

by Jeff Shaw

SARASOTA, Fla. — Lawson Group Architects (LGA) has completed Phase One of 81 Oaks Senior Living in Sarasota. N21 Group, a related partner of LGA, co-developed the project. The 108,000-square-foot property is situated on a 20-acre site, which features intergenerational aspects due to the campus including a church and a public charter school.  Phase One offers independent living, assisted living and memory care residences featuring studios, one- and two-bedroom floorplans. Future phases include independent living apartments and a neighborhood of one-story villas with attached garages. JP Wiseman Construction built the …

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DevelopmentFloridaNews

Belmont Village Opens 10-Story Community in Coral Gables, Florida

by Jeff Shaw

CORAL GABLES, Fla. — Belmont Village Senior Living, in partnership with Baptist Health South Florida, has opened Belmont Village Senior Living Coral Gables, a 232-unit seniors housing community located in Coral Gables.  Corwil Architects designed the South Florida property, which features independent living, assisted living and memory care residences across 10 stories. Amenities at the community, which also offers ground-floor retail space, include indoor and outdoor socialization spaces, a pool surrounded by a full-service bistro and bar, outdoor lounge with a dining area and barbecue kitchen, fitness room, outdoor movie …

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AcquisitionsAssisted LivingFloridaNews

Blueprint Arranges Sale of Assisted Living Community in Lakeland, Florida

by Jeff Shaw

LAKELAND, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of an assisted living facility in Lakeland, approximately midway between Orlando and Tampa. A publicly traded REIT sold the asset to a local owner-operator in an all-cash transaction. The price and name of the community were not disclosed. At the time of marketing, the community’s performance was trending back upward following a decline in 2020 and 2021. Brooks Blackmon and Lauren Nagle led the Blueprint team.

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Affordable HousingDevelopmentFloridaNews

HTG, AM Affordable Housing Break Ground on $37M Oasis at Aventura in Miami

by Jeff Shaw

MIAMI — A joint venture between Housing Trust Group (HTG) and AM Affordable Housing has broken ground on a $37 million affordable seniors housing project located at 18700 NE 25th Ave. in Miami. Dubbed Oasis at Aventura, the development will feature 95 one-bedroom units across eight stories reserved for residents age 62 years or older earning at or below 25, 33 and 60 percent of the area median income (AMI). Amenities at the community will include a community room, fitness center, business center, library and lounge and outdoor terrace. Monthly …

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of Noble Senior Living at Brooksville in Florida

by Jeff Shaw

BROOKSVILLE, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Noble Senior Living at Brooksville, approximately 45 miles north of Tampa. Located on an 8.3-acre site, the community houses 85 assisted living and memory care units. Built originally as a hotel in 1925, the community was converted to assisted living in 1984. Since that time there have been significant capital upgrades both to the interior and exterior of the asset. The seller is a publicly traded REIT that was exiting the asset. The buyer is a Florida-based …

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AcquisitionsFloridaNews

Innovation Senior Living Acquires Two Savannah Court Communities in Central Florida

by Jeff Shaw

BARTOW and ST. CLOUD, Fla. — Innovation Senior Living has acquired Savannah Court of Bartow and Savannah Court of St. Cloud. Located in the Central Florida cities of Bartow and St. Cloud, the communities target middle-market residents.  Innovation now has five communities under its ownership and management. The new acquisitions are part of the company’s three-year plan to add 12 to 15 properties to its portfolio. “These communities are stable and centrally located in the state of Florida,” says Pilar Carvajal, CEO and founder of Innovation Senior Living. “These elements …

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FinanceFloridaNews

Cambridge Provides $29.2M Refinancing for Aravilla Sarasota in Florida

by Jeff Shaw

SARASOTA, Fla. — Cambridge Realty Capital has provided a $29.2 million first mortgage loan to refinance Aravilla Sarasota in Sarasota. The loan is fully amortizing with a 35-year term. Tony Marino of Cambridge arranged the financing for a Florida-based limited liability company. Cambridge’s early rate lock program was utilized, which allowed the owner to avoid the recent run-up in interest rates.

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