Three years after announcing plans for Lake Nona’s first assisted-living facility (ALF), the developer has a construction start date of early 2019.
Stonegate Development Company secured a $2.1 million bridge loan this week from LV Lending, which allowed the project to move forward, according to the Miami-based private equity lender.
“This refinancing supports Stonegate Development Company’s long-term commitment to serving the Central Florida market,” LV’s Alen Hernandez said. “Their team has worked hard to grow a strong brand portfolio of senior housing options throughout the area.”
Stonegate initially planned a three-story complex with 129 assisted living rooms and a 20-room memory care center. It has been scaled down to a two-story ALF/MC designed to serve 90 residents.
Stonegate is led by James Grocock and David Babinski. The facility will be managed by SRI Management.
The $23 million complex was designed by Bessolo Design Group.
It’s situated on 5.76 acres at 10298 Savannah Park Drive and features natural stone accents, water features, a fire-pit area, a butterfly and flower garden, an herb and vegetable garden, and nature trails. Additional amenities include a salon, exercise room with physical therapy and on-site offices for visiting doctors.
Opening is slated for the second quarter of 2020.
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