Bruce Gibson of Senior Capital Advisors successfully closed construction financing for a to-be-built senior living campus with a unique addition to it. Located in the Westchester suburb of Miami, Florida, The Contemporary will feature 85 units of independent living along with MedSquare Place, a 33,000-square foot medical office component on the first floor of the building.
We have always been a fan of adding services like these to senior care campuses, which not only add a convenience to the seniors living there but also provide some revenue diversification for the building. The added visibility for the community by patrons of the MOB doesn’t hurt either with its local reputation. Some changes were also apparently made to the building’s design as a result of the pandemic.
Mas Group and AJP Ventures teamed up to develop the property, after purchasing the 5.8-acre site for $7.8 million in February. To fund its construction, Mr. Gibson sourced a $22 million loan from Live Oak Bank. Negotiated pre-COVID, the loan came with a floating interest rate over LIBOR with a floor rate effective at closing. Mr. Gibson also procured the operator, Charter Senior Living. Opening of the community is expected in the fourth quarter of 2021.
