CFG Closes Construction Loan for Hotel Conversion
Capital Funding Group closed a $27.2 million construction loan for the conversion of a partially-completed hotel to a 191-unit assisted living community in Sunrise, Florida. SGSL Fee Owner LLC, based in Coral Gables, Florida, originally acquired the 291-room Sawgrass Grand Hotel and Suites and the 11.6-acre site in 2019 for $15.13 million and had started converting it into a 184-unit assisted living/memory care community, thanks to a $35.8 million bond. However, UMB Bank, which was the trustee for the bond, filed a lawsuit against SGSL Fee Owner over allegations that it missed bond payments and wasn’t paying its project contractors and suppliers. A judge appointed Travis Grody of Aurora... Read More »
Joint Venture Teams Up on Orange County Development
MorningStar Senior Living, Confluent Senior Living and Concord Development Partners have completed a 166,000-square-foot senior living community in Mission Viejo, California. The 132-unit community, MorningStar of Mission Viejo, broke ground in March 2021 and actually completed ahead of schedule, which does not happen often. There are studio, one- and two-bedroom suites as well as 126 below-grade parking spaces. The property also features a pool, dog run, resident garden and al fresco dining. MorningStar of Mission Viejo represents the 14th joint venture between Denver-based Confluent Senior Living (a subsidiary of fully integrated real estate investment and development firm Confluent... Read More »
Northeast Developer Acquires Land for Active Adult Development
North Reading, Massachusetts-based developer Habitech Acquisitions completed its purchase of a 37.32-acre, four-parcel lot in Stow, Massachusetts for $930,000, with plans to develop an active adult community consisting of 141 units. Jake Parsons of SVN | Parsons Commercial Group | Boston represented the seller, EFMC Associates, and procured the buyer. The project, called The Cottages at Wandering Pond, is in its final stages of permitting. It will consist of two neighborhoods that will be connected by a wetland area. Plans also include a recreation area facing public-access walking trails, a clubhouse, small pool, activity lawn, and a pickleball court. Read More »
Harbert South Bay Partners Planning Orange County Community
Harbert South Bay Partners released plans for The James, a 350-unit, eight-story seniors housing community in Irvine, California (Orange County). The site is walkable to The District at Tustin Legacy, a popular shopping and restaurant area, and will feature 210 independent living, 110 assisted living and 30 memory care units. The leasing office for The James is scheduled to open early 2024, with occupancy planned for summer 2025. Momentum Senior Living, which is based in Orange County, will be the operator. At the end of 2021, Harbert Management Corporation, which has over $8 billion in assets under management across multiple asset classes, bought the majority interest in Texas-based... Read More »
Sunrise Senior Living Develops in Florida
Sunrise Senior Living announced it has broken ground on its first community in Coral Gables, Florida. Sunrise of Coral Gables is expected to open in the fall of 2024 and will offer 141 units, including 66 independent living, 54 assisted living and 21 memory care units. Sitting on 1.8 acres, the site will also feature a range of amenities, including a bistro, a fitness center, a salon, a spa, and outdoor spaces. The new community in Coral Gables is part of the company’s ongoing expansion plans. Read More »Schedule a demo
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