Luxe senior housing developer lands $25M construction loan

$32M community will span 180,000 sf, with nearly 200 apartments

TRD 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.


Related Articles

arrow_forward_ios
Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

Rendering of The Residences at Equality Park and Stephanie Berman

Financing in hand, Florida’s first LGBTQ+ senior housing development breaks ground

The Meridian at Boca Raton at 21865 Ponderosa Drive, and Kenneth Assiran

Meridian Senior Living buys community near Boca Raton for $61M

Discovery Senior Living buys site in West Palm Beach

Discovery Senior Living buys site in West Palm Beach

Baptist Health enters joint venture to develop senior living center in Coral Gables

Baptist Health enters joint venture to develop senior living center in Coral Gables

Miami-based buyers pay $13.5M for senior housing high-rise in downtown Clearwater

Miami-based buyers pay $13.5M for senior housing high-rise in downtown Clearwater

Aventura senior living facility sells for $23M

Aventura senior living facility sells for $23M

Miami, New York City rank among top retirement destinations: survey

Miami, New York City rank among top retirement destinations: survey

arrow_forward_ios