SunTrust Provides $39M Construction Financing for 424-Unit Development in South Florida

by Jeff Shaw

WELLINGTON, Fla. — SunTrust Bank has provided $39 million in construction financing for Wellington Bay, a seniors housing development in Wellington.

The borrower is a joint venture between Liberty Healthcare, ZOM Holdings and Ares Management. The first phase of construction, scheduled for completion in mid-2021, will feature 283 independent living, assisted living and memory care units, plus a two-story, 65,000-square-foot clubhouse and amenity building.

Suntrust’s commitment is part of a larger $89 million financing package for Phase I of the development, which is co-led by PNC Bank and includes Comerica as syndicate participant.

Upon full build-out, Wellington Bay will total 424 units, including apartments, single-story villas with garages and three-story garden flats. Development costs were estimated at $180 million.

The developers purchased 46 acres for the project in 2018. The site is located adjacent to 400,000 square feet of retail and restaurants, including The Mall at Wellington Green.

LS3P Architects and MSA Architects are providing design and architectural services, while Balfour Beatty was selected as general contractor.

You may also like