Wednesday, August 3, 2016

HFF arranges $32.15 million financing for seniors housing development in Port St. Lucie, FL

Rendering of Planned Watercrest of St. Lucie West Seniors Housing Community,
 Port St. Lucie, FL   
                                                              (Rendering by D2 Architecture)
ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $32.15 million in joint venture equity and construction financing for the development of Watercrest of St. Lucie West, a 128-unit, to-be-built seniors housing community located in Port St. Lucie, Florida.

Ed Coco
HFF worked on behalf of the developer, Watercrest Senior Living Group, to arrange $11.15 million of joint venture equity capital from a third party. 

In addition, HFF secured the $21 million construction loan for the partnership through Wells Fargo’s Senior Housing Finance Group, a nationally focused specialty unit within Wells Fargo’s Commercial Real Estate Platform.

Watercrest of St. Lucie West will be situated on 5.3 acres at 279 NW California Boulevard to the east of the intersection of Interstate 95 and SW St. Lucie West Boulevard and to the west of Florida’s Turnpike and U.S. Highway 1.

Due for completion in 2017, the development will be approximately 50 miles north of West Palm Beach and 30 miles south of Vero Beach along Florida’s Atlantic coast. 

Amenities surrounding the community include PGA Village Verano, a premier 3,000-acre golf community and resort; Tradition Field, which is the spring training location for the New York Mets; Tradition Medical Center; St. Lucie Medical Center; and numerous retail attractions.

Ryan Maconachy
 Overlooking a tranquil, tree-lined lake, the property will have 102 assisted living and 26 memory care apartments.  

Community amenities will include three chef-inspired and prepared daily meals, on-site salon and Spa W, swimming pool with verandas, outdoor living spaces, in-unit laundry facilities and kitchenettes, wellness and activity programs, medication management, health screenings, daily transportation services and 24/7 licensed nursing in the community.

The HFF equity and debt placement team representing the developer was led by senior managing directors Ed Coco, Ryan Maconachy and Chad Lavender.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

No comments: