Big Rock Partners had cause for celebration this week, as its second senior living development opened in Florida, at a total cost of $82 million, or $343,000 per unit. Situated on nine acres (purchased in 2014 with the help of a $4.5 million loan from Sabra Health Care REIT) in the Walt Disney Company-developed master planned community of Celebration (Orlando MSA), the community features 151 independent living units, 55 assisted living units and 33 memory care units. Life Care Services operates the campus, which not only is pet-friendly, but comes with a host of amenities such as gourmet dining venues, a high-end cinema, indoor aquatic center and a rooftop bar, among others. Adventist Health System is also building a brand-new skilled nursing facility immediately adjacent to the community.
To fund the project, Big Rock brought in equity partners including Square Mile Capital, RD Management and TownshipCapital, while Bank of the Ozarks provided $41 million in construction financing, arranged by Walker & Dunlop. The community joins Big Rock’s existing community in Lake Worth, Florida, which opened at the end of 2017 at a cost of $105 million, or $344,300 per unit. There are also three more senior living communities in the pipeline. Stay tuned.
