LoanCore Capital Provides $55M Bridge Loan on Sarasota Senior Housing Community
Alloro at University Groves is a 183-unit senior housing property that opened last year
By Brian Pascus September 23, 2024 5:25 pm
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United Group of Companies has secured $54.5 million in bridge financing for Alloro at University Groves, a 183-unit, luxury senior housing property that sits on nearly seven acres in Sarasota, Fla.
LoanCore Capital provided the financing, while Aztec Group sourced and structured the deal.
Peter Mekras, president of Aztec Group, noted in a statement that his firm sourced “multiple proposals” for the Sarasota senior housing property.
“We worked with the sponsors to select the capital source that could move quickly and understood age-restricted housing and the quality attributes of this unique community,” said Mekras in a statement.
Alloro at University Groves opened in 2023 at 3540 Broadway Avenue as an age-restricted rental property that requires residents to be at least 55 years old. The development features a 12,587-square-foot resident clubhouse, a fitness center, a yoga center, a movie theater, pickleball courts, a pool, a spa, a dog park, and on-site dining.
The property sits within five miles of 14 million-square-feet of retail, according to Aztec Group. The Mall at University Town Center, a popular shopping mall that opened in 2014 just 4.6 miles east of Alloro, features more than 100 stores across 880,000 square feet of retail space.
United Group of Companies is based in Troy, NY, and specializes in developing senior housing, student housing and market-rate multifamily housing. The firm was founded in 1972.
Brian Pascus can be reached at bpascus@commercialobserver.com
