A company tied to Resort Lifestyle Communities scored a $35.7 million construction loan for a senior housing rental complex near Lake Worth.
Lincoln, Nebraska-based Resort Lifestyle Communities secured the loan from Truist Bank for the development under construction at 9885 Palomino Drive. The senior living facility, called Palomino Gardens Retirement Community, will be three stories tall and will have 128 rental units, records show.
Resort Lifestyle Communities secured a notice of commencement from the county earlier this month to begin construction.
Palomino Gardens Retirement Community will be an all-inclusive, 55-plus senior living community, according to its website. It will be Resort Lifestyle Communities’ first senior living facility in Palm Beach County.
The company purchased the 9.24-acre property for $3.8 million in August 2019, records show.
Stocks of REITs with South Florida senior housing projects in their portfolios and those of other senior housing developers are taking a nosedive due to coronavirus, and some industry experts believe there will be signs of distress in the coming months.