We wrote earlier this week of Watercrest Senior Living Group’s latest development activity, with more than $80 million in its immediate pipeline across the state of Florida. Its largest project, a 128-unit senior living community in Port St. Lucie set to open in the fall of 2017, recently received construction financing with the help of Holliday Fenoglio Fowler, L.P. (HFF). The $32 million, or $250,000 per unit, development should feature 102 assisted living and 26 memory care units on its 5.3-acre campus located about 50 miles north of West Palm Beach. HFF arranged $11.15 million in joint venture equity capital from a third party, in addition to securing a $21 million construction loan from Wells Fargo’s Senior Housing Finance Group. Ed Coco, Ryan Maconachy and Chad Lavender of HFF represented Watercrest in the transaction.
HFF in Port St. Lucie
by Steve Monroe | Aug 5, 2016 1:51 pm | Developments, Financings | 0 comments