SARASOTA, Fla. — The United Group of Companies has received a $48 million construction loan from Trez Capital, with the funds used to build The Alloro at University Groves.
Located in the coastal Tampa suburb of Sarasota, the community will feature 183 units of what the developer calls “independent living lite,” a bridge between active adult and independent living. Units are restricted to those age 55 and older.
Units will vary in size between 708 and 2,232 square feet. A 15,210-square-foot clubhouse will serve as the center of the community.
The transaction represents the latest expansion of United Group’s presence in the Florida market, with financial and construction activity totaling nearly $200 million since the beginning of 2020.
Located on more than six acres, The Alloro at University Groves’ residents will have access to many of the region’s major shopping, dining and entertainment destinations walking distance from their new homes. The property will reside in the University Grove master-planned subdivision, five miles northeast of Sarasota’s downtown and less than two miles from the Sarasota-Bradenton International Airport.
Adam Horowitz of Cooper Horowitz LLC out of New York City brokered the financing transaction.