US Senior LLC has nabbed $48 million of construction financing to build a rental community in Sarasota, Fla., for adults over the age of 55.
Trez Capital is providing the construction loan for The Alloro at University Groves, a 183-unit apartment complex to be built on six acres. The project is underway and expected to be completed in roughly two years.
Located at 3415 Broadway Avenue, the development will feature three four-story buildings and a 14,000 Sq Ft. clubhouse. Planned facilities include bocce and pickleball courts, a swimming pool, sauna, movie theater, game room, salon, and gym. There will also be staff on-site to lead classes and coordinate social activities.
Troy, N.Y.-based US Senior, a subsidiary of United Group of Companies, has developed and managed independent senior living facilities for more than 35 years with properties in New York, Florida, Georgia, Illinois and Colorado. This marks the company’s first project in the Sarasota market.
The Alloro loan is the second transaction that Trez Capital has executed on a new residential development in Sarasota during the past month. On June 30, it funded a $75 million construction loan for SOTA 75, a 354-unit luxury apartment rental area near Sarasota’s Lakewood Ranch community.