US Senior Receives $48M in Financing for Florida Community
- Jul 27, 2021
US Senior LLC has received a $48 million construction loan for the development of The Alloro at University Groves, a 55-plus senior housing community. The new project is currently under construction at 3415 Broadway Ave. in Sarasota, Fla.
The 183-unit, market-rate property will occupy 6.7 acres and is scheduled for completion in two years. The Alloro will comprise three four-story buildings and a 14,000-square-foot clubhouse designed to promote active living among its residents.
Community amenities will cater to The Alloro’s Baby Boomer occupants and will include bocce ball and pickleball courts, a resort-style pool and sauna, a movie theater, a game room, a hair and nail salon and a gym. There will also be staff to lead classes and other activities.
The Alloro marks the first Sarasota project for US Senior LLC, which has been developing senior living communities for more than 35 years.
Trez Capital’s Scott Mehlman originated the loan. Earlier this year, the lender provided a $44.1 million construction loan to EDEN Multifamily for the 288-unit EDEN Crystal Lake in Port Orange, Fla., which is slated for completion in mid-2022.