Big Rock Partners is at it again. Already developing a $75 million senior living project in Celebration, Florida and a $25 million project in Port Royal, South Carolina, the real estate investment management firm is set to begin construction of Atria at Villages of Windsor, a 318-unit senior living community in southern Palm Beach County. The 22.5-acre site, which Big Rock purchased for $10 million, happens to be the largest, and one of the last, entitled senior housing parcels in the county, where existing senior living communities were built on average 21 years ago. Designed by Gensler and to be constructed by Moss & Associates, the 425,000-square foot community will feature 186 independent living units, 78 assisted living units and a separate 54-unit memory care building. Atria Senior Living will operate and market the community. Rents will start at $5,000 a month for independent living and go up to $7,000 a month for memory care.
To finance the over-$100 million (or $314,500 per unit) development, Ventas will provide equity capital and will be the principal owner of the community in partnership with Big Rock. Wells Fargo is providing a $68 million construction loan, with a floating rate of about 300 bps over LIBOR, and the financing advisor is Walker & Dunlop. The project, which breaks ground next week, is targeting a summer 2017 opening.
Tell me more about the project coming to port royal South Carolina.
I presently live at The Bloom independent Living in Bluffton South Carolina.
I lived in Beaufort and surrounding Port Royal S C all my live and would love to be close to my family.
Any information would greatly be appreciated. Thank you.
Hi Esther, what would you like to know about the project? We can tell you that there will 122 units of independent living, assisted living and memory care, and that Life Care Services will manage the community.
Are any plans for the interior building layout available? Also the cost for each apartment?
Thank you
When will the new Port Royal facility be open?
Hi Editha, it should be some time in 2017.