Big Rock Partners lands $68M construction loan
Developer paid $10M for vacant land in March
September 23, 2015 10:30AMBy Katherine Kallergis
Atria at the Villages of Windsor in Lake Worth
A national real estate firm can begin construction on its senior living rental community now that it has closed on $68.2 million in construction financing, Palm Beach County records show.
Beverly Hills, California-based Big Rock Partners is developing the Atria at Villages of Windsor, a planned Class A senior housing community in Lake Worth.
The 22.5-acre site, at Lyons and Hypoluxo Roads, will include 186 independent living, 78 assisted living and 54 one and two-bedroom memory care residences, according to a press release. Ventas Inc., a publicly traded real estate investment trust, is a partner on the project. Walker & Dunlop is the financial adviser.
Richard Ackerman, senior managing principal at BRP, signed the mortgage. Wells Fargo is the lender. A company affiliate acquired the property in March for $10 million, according to Palm Beach County property records.
Existing senior living projects in the area were built on average 21 years ago, Ackerman said in a statement.
“In South Florida and across the nation, Boomers’ higher expectations and desire for flexibility are driving demand for a new generation of senior living rental alternatives to traditional ‘buy-in’ continuing care retirement communities,” he said.
The community, at 9290 Hypoluxo Road, will include a main building with four wings, a central lobby and an amenity core. The memory care component will be separate and feature its own gardens. It’s slated for completion for the summer of 2017. International design firm Gensler is the architect and Moss & Associates is the general contractor.
Big Rock Partners is also developing a $75 million luxury senior housing community near Orlando.
Source: The Real Deal