JV Lands $122M for Florida Project
This development will be a 55-plus active senior rental community in Port St. Lucie, Fla.
Encore at Tradition will be located in Port St. Lucie. Image courtesy of Concord Summit Capital
America Walks at Port St. Lucie, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group, has obtained $122 million in financing backing a 55-and-older luxury rental community in Port St. Lucie, Fla.
The community, Encore at Tradition, will feature 415 apartments. The financing package comprises a $95 million construction loan and $27 million in mezzanine debt, the proceeds of which will be used to recapitalize the existing construction financing and bring the project to completion. Financing was arranged by Concord Summit Capital advisors David Larson, Daniel Eidson and Keegan Burger. Madison Realty Capital originated the loan.
Encore at Tradition will feature one- and two-bedroom residences ranging in size from 750 to 2,030 square feet in size. Residence features and finishes include walk-in closets, granite countertops, linen closets, framed mirrors and high ceilings. Amenities of the multifamily community include medical and physical therapy services.
Smooth closing
“The rising interest rate environment in combination with increased construction costs were the main variables to overcome,” Larson told Multi-Housing News. “The strength of the development team’s experience and expertise was the differentiating factor in generating multiple proposals from the lending market. Both the lender and the borrower worked together to facilitate a smooth closing process.”
In a prepared statement, a Concord Summit Capital official noted the Port St. Lucie area is replete with active senior communities. However, as a rental community, Encore at Tradition will stand out because most of the other properties are for-sale communities, limiting seniors’ flexibility and liquidity, he added.
Encore at Tradition is about 40 percent complete. Final delivery is scheduled for the second quarter of next year. Two months ago, EDEN Living made news when it landed financing for a Port St. Lucie project.
