The Real Deal Miami

Senior housing developers score $93M in construction loans for Broward projects

Nearly 380 units to rise in Parkland and Fort Lauderdale

Rendering of Allegro at Parkland and Robert Karn (Credit: Meyer and Allegro Senior Living)

Allegro Senior Living Scores $44.5M Construction Loan

St. Louis-based Allegro Senior Living just scored a $44.5 million construction loan for a senior housing development in Parkland, property records show.

The company will be constructing a 175-unit, 186,000-square-foot senior and living-assistance complex at 5900 Loxahatchee Road. Architectural firm Meyer Design is designing the project, according to its website.

This will be the company’s first senior care community in Broward County. Records show Allegro bought the 8-acre parcel in April for $6.25 million. The lender for the loan is Synovus Bank.

The complex is set to open in early 2019, according to Allegro, which operates and develops senior living properties throughout Florida and Kentucky.

Rendering of Belmont in Fort Lauderdale (Credit: Belmont Village)

Belmont Village Senior Living Lands $49M Construction Loan

Houston-based Belmont Village Senior Living landed a $48.8 million construction loan for its planned 12-story, senior living building in Fort Lauderdale, property records show.

The company is planning to build a 204-unit, 212,000-square-foot complex at 1031 Seminole Drive, just north of the Galleria Mall. Compass Bank provided the financing.

The complex will offer independent-living, assisted-living and memory-care services, according to its website. Amenities include chef-prepared meals, a bistro, patios for dining, a fitness center, a heated saltwater swimming pool, a full-service salon and a movie room.

The rental complex is set to open in 2019, according to the company’s website. The developer also has properties in Los Angeles, San Diego and Chicago. It’s building in Fort Lauderdale will be Belmont ’s first project in Florida.

Nearby, developer Ocean Land is also planning a senior and assisted-living complex. The company wants to build a 42-story, 401-unit tower with 152 assisted-living residences and 57 memory-care units.