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Construction date set for Lake Nona Assisted Living Facility

Construction date set for Lake Nona Assisted Living Facility
Plans for Stonegate Assisted Living were first announced in 2015. Now construction is set to begin in early 2019 on a slightly downsized, 2-story facility. (Bessolo Design Group)

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.

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"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.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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