Walker & Dunlop structured a $41,040,000 construction loan for Big Rock Partners’ Class A, senior living rental community in Celebration, Florida.
This is the second senior living transaction the Company has financed for Big Rock Partners this year; the first loan was for Atria at Villages of Windsor in Palm Beach County, Florida.
Albert Rex, managing director, and Marty McGrogan, assistant vice president, led the Walker & Dunlop team.
The three-and-a-half-year loan was structured with three years of interest-only payments, followed by a 25-year amortization schedule.
Big Rock Partners’ Senior Managing Principal, Richard Ackerman, remarked, “The senior living sector is increasingly attractive to lenders and institutional investors, but they’ve been hard-pressed to find product that meets their criteria. Walker & Dunlop recognized that our Celebration community’s caliber, size, and prime location makes it a highly desirable opportunity.”
Scheduled to open in spring 2018, the full-service senior living healthcare community will provide a new luxury housing experience for seniors in Disney’s Celebration neighborhood, one of Orlando’s premier locations.
There will be a total of 239 units comprised of 151 independent living units, 55 assisted living units, and 33 memory care units.
The property will be the only senior housing development in the area and will feature two restaurants, a spa, an all-purpose room, and a state of the art movie theater.
There will also be a top-floor solarium ideal for viewing Disney World’s fireworks displays.
The new development’s resort-style layout encourages seniors to stay active and involved in the community.
The location, within two miles of Florida Hospital Celebration Health, in addition to its amenities and décor will make the new senior living community at Celebration superior to any other rental property in the market.