KISSIMMEE, Fla. — HJ Sims, an investment bank and brokerage firm, is financing Tuscan Isle, a seniors housing community in Kissimmee. Tuscan Isle will be comprised of 120 independent living units, 56 assisted living units and 36 memory care units.
The independent living units will be housed in a four-story building, made up of one- and two-bedroom units ranging in size from 706 to 1,230 square feet. The assisted living units will consist of studios and one- and two-bedroom units ranging in size from 390 to 620 square feet. The memory care units will provide for 36 residents in private rooms.
Tuscan Isle has a preliminary shared services agreement with AV Homes, the developer of neighboring community Solivita.
The Tuscan Isle project began in January and is currently under construction with a planned completion date in spring of 2016. Phase II of construction will incorporate a skilled nursing expansion.
Construction financing consists of $40.5 million tax-exempt bonds and $1.7 million taxable bonds. The preferred equity consists of taxable bonds for accredited investors, totaling $6.2 million.
The owners of Tuscan Isle include: affiliates of Vieste Group, a program management and development services company from Chicago; HJ Sims Investments, an affiliate of HJ Sims; Life Care Services, one of the largest owner/operators of senior housing in the U.S.; and Core Construction Group, a Florida-based construction company experienced in designing and building senior communities.