United Group Lands $32M for South Florida Senior Development
The developer aims to deliver the 182-unit community’s first apartments in the third quarter of 2021.
The Sovana at Stewart. Image courtesy of Verdex Construction.
The United Group of Companies Inc. has obtained a $32 million construction loan for The Sovana at Stuart, an active adult development in Stuart, Fla., according to Seniors Housing Business.
Knighthead Funding provided the financing. Verdex Construction broke ground on the $38.5 million project in mid-September and the first of the community’s 182 units are slated to open in the third quarter of 2021.
The development site occupies more than 6 acres at 1950 NW Federal Highway. Upon completion, The Sovana at Stuart will encompass four three- and four-story residential buildings, plus a stand-alone, 15,000-square-foot clubhouse. The unit mix will feature one- and two-bedroom floorplans ranging from 710 to 1,410 square feet. Amenities will include a swimming pool, game room, arts and crafts room, media center, fitness center, private salon and dog park, with the whole project surrounded by a nature preserve with walking trails. United Plus Property Management will operate the community.
The property is some 8 miles southeast of downtown Port St. Lucie and 3 miles north of downtown Stuart.
