Orlando—Walker & Dunlop recently secured a $41 million construction loan for Big Rock Partners’ and Walt Disney Cos.’ $80 million, 239-unit, senior living community in Celebration. This is the second senior living transaction the firm has financed for Big Rock Partners this year, the first loan being for Atria at Villages of Windsor in Palm Beach County, Fla.
The Walker & Dunlop team of Managing Director Albert Rex and Assistant Vice President Marty McGrogan arranged a three-and-a-half-year loan, which is structured with three years of interest-only payments, followed by a 25-year amortization schedule.
“The senior living sector is increasingly attractive to lenders and institutional investors, but they’ve been hard-pressed to find product that meets their criteria. Walker & Dunlop recognized that our Celebration community’s caliber, size and prime location makes it a highly desirable opportunity,” Richard Ackerman, senior managing principal with Big Rock Partners, said in prepared remarks.
The full-service, senior living health care community will be located at the gates of Disney World, within two miles of Florida Hospital Celebration Health. Scheduled to open in spring 2018, the property will feature 151 independent living units, 55 assisted living units and 33 memory care units. Amenities include two restaurants, a spa, an all-purpose room, a state-of-the-art movie theater and a top-floor solarium.
Architectural firm Gensler will design the project, and Balfour Beatty LLC has been selected to build the property. The community will be managed by Life Care Services.
Image courtesy of Big Rock Parterns’ website