Luxe senior housing developer lands $25M construction loan

Miami /
Nov.November 17, 2015 11:15 AM

The developer of a ranch-style senior living complex in Davie has closed on a $24.7 million construction loan, Broward County records show.

North Miami Beach-based Royal Senior Care and MG3 Developer are building the nearly 200-unit project, at 8201 Stirling Road. When completed next fall, Oakmonte Village of Davie will include options for catered living, assisted living and memory care, according to its website.

Developers filed notices of commencement for the complex on Monday, in mid-October and in April, county records show. Miami-based First Florida Contractors LLC is the general contractor.

The $32 million community will span 180,000 square feet on 9.2 acres. Each building will have its own amenity spaces with dining, theaters and performing arts rooms, a gym and spa, nursing and rehab rooms, and hobby rooms.

Oakmonte Village at Davie will also feature a golf putting green, bocce and shuffleboard, a heated pool, outdoor cabana and grill area. Stantec is the architect.

Royal MG3 Property Owner LLC bought the lot for an undisclosed amount in 2013, according to Broward County property records. Avi Bittan, CEO of Royal Senior Care and president of the LLC, signed the mortgage. Branch Banking & Trust Co. is the lender.

Royal Senior Care has communities in Lake Mary, Florida; Greer, South Carolina; Tampa and more, according to its website.


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