Orlando Assisted Living Development Lands Recap
- Oct 05, 2018
LV Lending has recapitalized a two-story, 90-unit assisted living facility in Orlando, Fla. Borrower Stonegate Development intends to use the $2.1 million bridge loan to refinance Stonegate at Lake Nona, a community expected to break ground during the first quarter of next year. Designed by Bessolo Design Group and managed by SRI Management, the property is slated for completion in the second quarter of 2020.
Located at 10298 Savannah Park Drive on almost 6 acres, the upcoming facility will be less than 8 miles from Orlando International Airport. The $23 million project is set to feature natural stone accents, a fire pit area, flower garden, an herb and vegetable garden as well as and nature trails. Additional amenities include a salon, exercise room and on-site offices for visiting doctors.
Alen Hernandez, Camilo Nino and Ricardo Uribe of LV Lending arranged the finacing on behalf of Stonegate Development Co. The company is developing the senior living community through an entity, Lake Nona Senior Housing LLC. According to public records, the company purchased the site in 2016 for $1.8 million.
Image courtesy of Stonegate Development