Watercrest Senior Living Group is unveiling its new concept in memory care, called Market Street Memory Care Residences, at a site currently under construction in Viera, Florida. The 47,000-square foot, 60-unit community is set to open in the fall of 2016, with two more 64-unit communities under the same concept opening in 2017 in Palm Coast and Tampa. The buildings are estimated to cost between $16 million and $17 million, or approximately $266,000 per unit, to develop. Financing has already been arranged for the Viera and Tampa properties, with EB-5 equity and commercial bank construction loans (Bank of Texas is providing the Viera one).
As for Watercrest’s other projects, things are humming along. The $17 million (also financed by EB-5 equity and a commercial bank loan from C&S) 89-unit AL/MC community in Sebastian, Florida opened in late spring and is already 62% leased up. Meanwhile, its 90-unit AL/MC community in San Jose (near Jacksonville) is opening at the end of August, but already has 30% of its units leased. And the $32 million, 128-unit senior living community in Port St. Lucie, Florida is set to open in the fall of 2017. Looking to expand its operations, Watercrest also has plans in the works to grow outside of Florida.
