BROOKSVILLE, Fla. — Propero Seniors Housing Equity Fund III LLC has invested an undisclosed amount of equity into Cortez Oaks Health and Rehabilitation, a seniors housing development in Brooksville, located 45 miles north of Tampa and 65 miles west of Orlando.
Tender Loving Care Management is developing the property, which will offer 41 assisted living units, 20 memory care units and 109 skilled nursing units.
A combination of equity provided by Propero and bank construction financing will fund the $41.4 million project. This is Propero’s second large development with TLC Management and its principals, having previously partnered in 2016 to develop Bridgewater Park in Ocala, Florida.
Chris Mauger led the transaction for Propero and Chris Blanda led the transaction for Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital LLC.