Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $32.15 million in joint venture equity and construction financing for the development of Watercrest of St. Lucie West, a 128-unit, to-be-built seniors housing community located in Port St. Lucie, Florida.
HFF worked on behalf of the developer, Watercrest Senior Living Group, to arrange $11.15 million of joint venture equity capital from a third party. In addition, HFF secured the $21 million construction loan for the partnership through Wells Fargo’s Senior Housing Finance Group, a nationally focused specialty unit within Wells Fargo’s Commercial Real Estate Platform.
Watercrest of St. Lucie West will be situated on 5.3 acres at 279 NW California Boulevard to the east of the intersection of Interstate 95 and SW St. Lucie West Boulevard and to the west of Florida’s Turnpike and U.S. Highway 1. Due for completion in 2017, the development will be approximately 50 miles north of West Palm Beach and 30 miles south of Vero Beach along Florida’s Atlantic coast. Amenities surrounding the community include PGA Village Verano, a premier 3,000-acre golf community and resort; Tradition Field, which is the spring training location for the New York Mets; Tradition Medical Center; St. Lucie Medical Center; and numerous retail attractions. Overlooking a tranquil, tree-lined lake, the property will have 102 assisted living and 26 memory care apartments. Community amenities will include three chef-inspired and prepared daily meals, on-site salon and Spa W, swimming pool with verandas, outdoor living spaces, in-unit laundry facilities and kitchenettes, wellness and activity programs, medication management, health screenings, daily transportation services and 24/7 licensed nursing in the community.
The HFF equity and debt placement team representing the developer was led by senior managing directors Ed Coco, Ryan Maconachy and Chad Lavender.
About Watercrest Senior Living Group
Watercrest Senior Living Group specializes in the development and operations of assisted living and memory care communities, market repositioning and advisory services. The principals, Marc Vorkapich and Joan Williams, have an impressive track record of leading the turnaround of underperforming assets and the stabilization of newly-built communities. Partnering with a wide variety of stakeholders such as land owners, real estate developers, investors, financial institutions and REITs, Watercrest Senior Living Group focuses on its core strengths, operations management of assisted living and memory care communities, and the development of servant leaders. With state-of-the-art information systems and key vendor partnerships, Watercrest Senior Living Group is well positioned to efficiently assimilate both existing assisted living and memory care communities and the next generation of senior living product.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
