Peachtree Supplies $45M C-PACE Loan for Florida Senior Housing Project

The Fellowship Family, a 48-year-old senior living operator, has secured $44.5 million of  Commercial Property Assessed Clean Energy (C-PACE) debt for the development of a senior housing community in northern Florida, Commercial Observer has learned.

Peachtree Group originated the 30-year C-PACE loan for the sponsorship’s 205-unit Fellowship Wildlight project in Yulee, Fla. The 285,613-square-foot community slated for completion in late 2027 will consist of 133 independent living units, 48 assisted living units and 24 memory care units.

Jared Schlosser, head of credit originations at Peachtree Group, said Fellowship Wildlight is positioned for success given that there are no other independent living or memory care communities in the immediate Yulee area with the nearest 20 minutes away on Amelia Island. He added that C-PACE was conducive for the deal due to Florida’s strict sustainability building requirements due to climate risks from hurricanes. 

“In Florida you’ve got to build these projects to a sustainability level where sometimes as much as 55 to 60 percent of your budget can qualify for PACE, so it’s a huge amount in Florida compared to other places in the country,” Schlosser told CO. “It’s one of the best C-PACE programs to work in given what qualifies.” 

Schlosser noted that the project stands to benefit from an adjacent Del Webb active adult community, where approximately 660 homes are planned. With 153 homes occupied and another 71 under construction, the development creates a built-in feeder market as residents age and seek higher-acuity housing options.

The Fellowship Family did not immediately return a request for comment. 

Andrew Coen can be reached at acoen@commercialobserver.com.