A number of hands are in the pot in an assisted living development that just broke ground outside of Tampa, Florida. The 80-unit community is being developed by Enriched Community Development, LLC, in partnership with North Carolina-based Retirement Living Associates, Inc., which will serve as the community’s manager. Plus, an investment group headed by Robert Gries Jr., the founder and managing director of Gries Investment Funds, is an equity partner in the project. The community will feature 58 assisted living and 22 memory care units, and is expected to open in Spring 2017. Enriched Community Development, through its affiliate Lithia Assisted Living, turned to Robert Hernandez of NorthMarq Capital’s Tampa office, to obtain a $14.22 million construction loan with a three-year interest only term, procured through a regional bank.
It takes a village
